Gold prices in India fell for the second day in a row amid weak global cues. On MCX, gold futures fell 0.24% to ₹44,795 per 10 gram while silver declined 0.5% to ₹66,013 per kg.
In the previous session, gold had inched 0.18% lower while silver fell 1.6%. Gold has remained in a very narrow range from ₹44,500 to ₹45,300 over past two weeks in Indian markets amid mixed cues. The precious metal had hit a hit a record high of ₹56,200 in August last year.
On MCX, gold support at ₹44,680 while resistance at ₹46,200, says Geojit. In global markets, gold prices slipped today after a overnight rally in US equities but concerns about a surge in fresh coronavirus cases in many parts of the world capped losses. A stronger dollar also weighed on gold. Spot gold fell 0.3% to $1,733.69 per ounce.
Among other precious metals, silver fell 0.6% to $25.61 and platinum was down 0.3% at $1,179.59. “Technically, the Dollar Index found resistance at an important resistance zone at 92.00-92.10 and only a sustained trade above could push the index back to 92.50 levels.
Support for the Index is at 91.55-91.60 levels,” he added. Gold and silver prices are trading with a bearish to sideways trend, said analysts at CapitalVia Investment Advisors.