Gold prices today fall for second day, down about ₹10,000 from record highs: Check today rate

New Delhi: Gold rates continued to struggle in Indian markets, with futures on MCX edging lower for second day to ₹46,865 per 10 gram. Silver edged 0.17% higher to ₹67845 per kg. MCX gold faces resistance at ₹47,200 while has support at ₹46,360, say analysts.

Gold may continue to trade in a range amid choppiness in equity market and US dollar as market players try to assess Fed’s stance, says Kotak Securities. However, the general bias is still weak as diverging monetary policy outlook may keep US dollar supported, it added.

In global markets, gold was steady at $1,778.48 per ounce and is on track for about 0.8% gain. The yellow metal had plunged 6% last week after Fed’s hawkish turn. The retreat in US dollar has supported gold. The US index edged lower to 91.787, making the precious metal cheaper for holders of other currencies.

In India, gold rates had edged closer to ₹50,000 level earlier this month before correcting, in tandem with global rates. In August last year, gold had hit a record high of ₹56,200.