Gold and silver prices declined in India amid a weak trend in global markets. Gold futures fall 0.09% on MCX 51,050 per 10 grams while silver fell 0.73% 61430 per kg. Gold prices fall in India Gold weakened today in 1,000 international markets so far this year and the precious metal was set for a second consecutive monthly loss. Spot gold fell 0.3% to $1,849.92 an ounce on rise in US bond yields and a firming US dollar.
In global markets, gold is down 2.4% on a monthly basis so far – its biggest loss since September. Spot silver fell 0.6% today to $21.82 an ounce, and is down nearly 4.1% so far this month.
Although gold is seen as a safe haven during economic crises, high short-term US interest rates increase the opportunity cost of holding bullion.
“Gold and silver prices have declined from their morning session highs but are holding support near $1,850 an ounce. The latest weakness could be linked to the US dollar’s rally from one-month lows. Overall, further selling may be seen in gold and silver prices, but the decline seems limited. Gold has support at $1838-1824, while resistance lies at $1862-1874. Silver has support at $21.55-21.40, while resistance lies at $22.10-22.35.
In rupee terms, he said, “gold is backed 50,740–50,510, while resistance is at 51,180-51,350. support for silver 61,080-61,550, while resistance is at 62,680-63,110.”