New Delhi: Gold and silver prices today plunged in Indian markets, tracking an overnight crash in global rates. Gold futures on MCX were down 1.5% to Rs 47,799 per 10 gram while silver was down 1.6% to Rs 70,345. Technically, MCX gold could take support around Rs 47,700 to Rs 47,900 zone while the precious metal faces resistance around Rs 48,600, say analysts.
Silver faces resistance near Rs 71,300 and has support around Rs 70,000. In global markets, gold had fallen more than 2.5% overnight after after the U.S. Federal Reserve signalled it might raise interest rates sooner than expected.
Asian trade in today gold rates pared some of its previous day’s losses as investors took advantage of a sharp fall. Spot gold was up 0.6% at $1,822.36 per ounce. Among other precious metals, silver gained 0.5% to $27.09 per ounce, palladium dropped 1% to $2,770.49, while platinum rose 0.5% to $1,127.49.
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