Gold prices today fall to near 2-month lows, silver rates slide: Check today rate

New Delhi: Gold prices in India remained weak near two-month lows today as futures on MCX fell 0.4% to ₹46,881 per 10 grams. Silver futures too were lower, down 0.6% to ₹67,520 per kg. If MCX gold is unable to move past ₹47500, then there are chances of a continuation of corrective selloffs says domestic brokerage Geojit.

Meanwhile, a close below ₹46400 is an early signal of long liquidation pressure. In global markets, gold retreated below $1,775, hurt by a stronger US dollar that made the precious metal more more expensive for holders of other currencies. Spot gold was down 0.2% at $1,774.96 per ounce while silver was steady at $25.87 per ounce.

Meanwhile, the dollar index held firm at near 11-week high of 91.815 against its rivals. Investors weighed mixed signals from Federal Reserve officials on rate hike and awaited more US data to gauge inflationary pressures. A day after Fed Chair Jerome Powell downplayed inflation worries in his testimony to Congress, Two Fed officials on Wednesday said that a period of high inflation in America may last longer than anticipated.