Gold and silver rates struggled in Indian markets today after a sharp fall in the previous session. On MCX, gold futures were down slightly to Rs 46,050 per 10 gram while silver edged up 0.26% to Rs 61,233 per kg.
In the previous session, gold had dropped 1.7% or Rs 807 per 10 gram, extending fall to Rs 1200 in three days. Silver had slumped Rs 2150 or 3.5% per kg in the previous session. In global markets, spot gold rates were flat at $1,754.86 per ounce after a sharp fall in the previous session.
“Till gold prices stay below $1,770, expect weakness to continue the day. Further rallies are seen only a close above $1815,” domestic brokerage Geojit said. Technically, “if silver breaks below $22.50 liquidation pressure would extend the day. Immediate turnaround point is at $25,” the brokerage added.
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