New Delhi: Gold and silver prices edged lower today in Indian markets after posting big gains in the previous session. On MCX, gold futures were down 0.12% to ₹47,120 per 10 gram while silver fell 0.26% to ₹68,361 per kg.
In the previous session, gold had risen 1.2% while silver had surged 1.2%. Despite today’s fall, gold is sharply up this month, rebounding from levels of ₹44,000. In global markets, gold rates were steady today and were on track second straight weekly gain. Spot gold was flat at $1,763.46 per ounce.
Technically, international gold is trading in a bullish momentum after pushing past the resistance level of $1,760, say analysts. Among other precious metals, silver was also flat at $25.85 while platinum gained 0.5% to $1,198.21. “If gold prices continue to stabilize above $1760 there are chances of recovery upticks which may lead prices towards $1820 or more. At the same time a direct turn below $1725 is a bearish signal,” Geojit said.
MCX gold has resistance at ₹47,740 and support at ₹45,880, the brokerage said. On silver, Geojit said, choppy trading is likely to continue inside $26.50-23.80 levels initially and it required to break either the sides to suggest a fresh direction to the commodity. Silver on MCX has resistance at at ₹69,900 while support at ₹66,560, it added.