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Gold rates fall today again after a day’s gain, silver prices drop too

By Saima Siddiqui 
Updated Date

New Delhi: Gold and silver rates once again witness down fall in Indian markets after posting big gains in the previous session. On MCX, gold futures were down 0.12% to ₹47,120 per 10 gram while silver fell 0.26% to ₹68,361 per kg.

Also Read :- Gold price fall today by 3,500, here's a list of gold rates in your city

In the previous session, gold had risen 1.2% while silver had surged 1.2%. Despite today’s fall, gold is sharply up this month, rebounding from levels of ₹44,000.

In global markets, gold rates were steady today and were on track second straight weekly gain. Spot gold was flat at $1,763.46 per ounce. Technically, international gold is trading in a bullish momentum after pushing past the resistance level of $1,760, say analysts.

Among other precious metals, silver was also flat at $25.85 while platinum gained 0.5% to $1,198.21. “If gold prices continue to stabilize above $1760 there are chances of recovery upticks which may lead prices towards $1820 or more. At the same time a direct turn below $1725 is a bearish signal,” Geojit said.

MCX gold has resistance at ₹47,740 and support at ₹45,880, the brokerage said.

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Gold prices got a boost this week as US Treasury yields fell to one-month lows on Thursday. Inflationary concerns and ultra-low interest rates across the globe also kept the metal supported. Lower returns from bonds reduce the opportunity cost of holding non-yielding bullion.

Gold was also supported this week after Federal Reserve Chairman Jerome Powell reiterated his dovish stance on monetary policy.

However, a rebound in US retail sales in March, drop in weekly initial claims for state unemployment benefits capped gold’s rise.

ETF interest remained weak. Holdings of the largest gold-backed exchange-traded-fund (ETF), New York’s SPDR Gold Trust, fell 0.3% on Wednesday from Tuesday.

“ETF outflows also show weaker investor interest. Gold may continue to trade with recent range owing to mixed factors however we expect buying interest to emerge at lower levels as Fed’s stance may keep pressure on US dollar,” Kotak Securities said in a note.

Also Read :- Gold prices fall sharply today, record ₹8700 drop from highs, silver rates rise

On silver, Geojit said, choppy trading is likely to continue inside $26.50-23.80 levels initially and it required to break either the sides to suggest a fresh direction to the commodity.

Meanwhile, it also added that silver on MCX has resistance at at ₹69,900 while support at ₹66,560.

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