Gold and silver prices edged lower today in Indian markets as a rally in risk assets took some shine off precious metals. Gold rates today: Prices on MCX fell to ₹44,731 per 10 gram while silver declined 0.5% to ₹67,177 per kg.
In Thursday’s truncated session, gold prices edged 0.11% higher while silver advanced 0.2%. MCX was closed for the morning session on Thursday due to a public holiday. MCX gold has support at ₹43,450 and resistance at ₹45,420, says domestic brokerage Geojit.
In global markets, gold rates edged lower but were up more than 1% for the week as US benchmark bond yields pulled back from recent highs. Spot gold today was 0.2% lower at about $1,718 an ounce. Lower bond yields reduce the opportunity cost of holding non-interest paying gold.
MCX silver has resistance at ₹68,800 and support at ₹64,400, the brokerage said. However, gold ETFs continued to see outflows, putting pressure on the precious metal. Holdings of SPDR Gold Trust, the the world’s largest gold-backed exchange-traded fund, fell 0.5% to 1,055.27 tonnes on Thursday.
Comments are closed.