Gold prices today fall, a day after seeing big jump, silver rates drop
2 min read. Updated: 07 Apr 2021, 10:36 AM IST
- 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.