Gold and Silver Updates | Latest update on Gold and Silver

07/04/2021 Blog, Business, Jewellery, News

Gold prices today fall, a day after seeing big jump, silver rates drop

Gold rate today: On MCX, prices dropped to ₹45,767 per 10 gram
Gold rate today: On MCX, prices dropped to 45,767 per 10 gram

  • Gold had jumped 1.25% while silver had surged 2% in the previous session
  • Gold rates in India have rebounded from one-year low levels hit last week

Gold and silver prices edged lower in Indian markets, a day after clocking sharp gains. On MCX, gold futures were down 0.33% to 45,767 per 10 gram while silver declined 0.28% to 65,715 per kg. In the previous session, gold had jumped 600 or 1.25% per 10 gram while silver had surged 2% or 1,300 per kg. In global markets, gold today edged lower after hitting a two-week high in the previous session.

Gold prices in India have rebounded from one-year low levels of 44,100 hit last week, helped by a rebound in global rates and coronavirus concerns.

Spot gold was down 0.2% to $1,739.46 per ounce. The precious metal had jumped to $1,745.15 in the previous session, lifted by a fall in US Treasury yields and a softer US dollar.

“Immediate resistance of $1760 should be broken to continue upticks for the day. Else, there are chances of corrective selling but stiff support is placed at $1680, breaking the same is required to extend the momentum,” said domestic brokerage Geojit.

On MCX, gold faces resistance at 46,150 and support at 44,100, it said.

Among other precious metals, silver fell 0.3% to $25.10 while palladium was down 0.4% to $2,674.91.

However, ETF outflows continued to be a headwind for gold. The holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund or ETF, fell 0.4% to 1,029.04 tonnes on Tuesday from 1,032.83 tonnes on Monday.

A decline in US bond yields and rising Covid-19 cases around the globe have supported gold, says Kshitij Purohit, Lead – International & Commodity at CapitalVia Investment Advisor.

Source: livemint

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