Gold prices were flat today in Indian markets on MCX, gold futures were 0.06% higher at ₹46,830 per 10 gram while silver rose 0.35% to ₹69,583 per kg. In the previous session, gold had inched 0.22% lower while silver fell 1.5%.
In August, gold had hit a record high of ₹56,200 and has been under pressure since then. In global markets, gold inched higher today after US Federal Reserve Chair Jerome Powell has reiterated that the central bank would keep monetary policy accommodative as the economy still needed support. “Recovery upticks in gold may continue while it hold the stiff support of $1,760. Anyhow, major resistance is placed at $1,870.
An unexpected drop below $1755 would be an early signal of major selling pressure. MCX gold has resistance at ₹47,450 while has support at ₹45,300,” Geojit said. Among other precious metals, silver rose 0.4% to $27.73 an ounce. Platinum climbed 1.4% to $1,253.76, while palladium added 0.4% to $2,360.69.
gold ETFs continued to suffer outflows. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.4% to 1,110.44 tonnes on Tuesday from 1,115.4 tonnes on Monday