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Gold prices fall today, a day after soaring 2-month high; Silver rates go up

By Saima Siddiqui 
Updated Date
Gold prices fall today, a day after soaring 2-month high; Silver rates go up

New Delhi: Just a day after hitting two months high, Gold prices in India on Tuesday slipped amid softer global rates, however silver saw an upward trend. On MCX, gold futures were marginally lower at ₹47,380 per 10 gram while silver futures edged 0.45% higher to ₹68,635 per kg.

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In the previous session, gold had hit a two-month high when it rose to ₹47,850 per 10 gram. Support for MCX gold is placed at ₹ ₹46200 levels while resistance at ₹48,240, say analysts.

In global markets, gold rates edged lower amid a rebound in US Treasury yields but a weaker dollar capped losses. Spot gold was down 0.2% to $1,766.32 per ounce, after rising to $1,789.77 in the previous session. Technically, as long as gold stays above $1,760 there are chances of more upside that could lead prices towards $1820 or more, says Geojit. But a drop below below $1725 could be a bearish signal, the brokerage added.

Benchmark 10-year US Treasury yields rose above 1.6%, after hitting hitting a five-week low last week. Higher yields increase the opportunity cost of holding non-yielding bullion. The dollar index today slipped 0.2% to 90.88, extending its recent decline.

Kshitij Purohit, Lead – International & Commodity at CapitalVia Investment Advisor, said global gold and silver prices have recovered as US Treasury yields and US dollar weakened, lifting the precious metals’ appeal.

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“The US Federal Reserve has reiterated its commitment to maintain accommodative monetary policy until the crisis is resolved. Some investors view gold as a hedge against higher inflation that may occur as a result of stimulus measures,” he added.

It is to be mentioned that, among other precious metals, silver fell 0.2% to $25.75per ounce in international markets while platinum slipped 0.3% to $1,202.32.

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