New Delhi: In India Gold prices today fell for the third day in a row when futures on MCX dipped 0.25% to ₹48460 per 10 gram. Silver also skidded with MCX futures down 0.37% to ₹71,453 per kg. In the previous session, gold and silver had dipped 0.4% each.
Despite the recent slide, gold is one of the best-performing commodities this month, according to Bloomberg. MCX gold has resistance at ₹49,400 and support at ₹47,900, say analysts. In India, the precious metal has rebounded from ₹44,000 levels, hit in late March this year, amid a uptick in global rates.
Rising coronavirus cases in many parts of the world and inflation expectations have lured investors back in gold as an inflation hedge, while central banks maintain their easy monetary stance. In August last year, gold had hit record high of ₹56,200 in India.
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