Gold prices today struggled for direction with futures on MCX up marginally to Rs 47,208 per 10 grams. The precious metal has traded in a very narrow range for fourth day in a row amid a stronger dollar. Silver futures on MCX today inched 0.4% higher to Rs 61951 per kg.
In the previous session, gold had settled flat while silver had declined 0.7%. After rebounding from a four-month low of Rs 45,600, hit earlier this month, gold rates have struggled in the past few sessions. Gold had hit a record high of Rs 56,200 last year.
In global markets, gold declined marginally as a stronger dollar dented the precious metal’s allure for holders of other currencies. Spot gold fell 0.1% to $1,779.12 per ounce while the dollar index traded near the 9-1/2-month highs of 93.33. However, losses in gold were capped amid growing concerns over the economic fallout from the spread of the Delta coronavirus variant