New Delhi: Gold and silver rates remained weak today in Indian market amid recent downtrend in international rates. On MCX, gold slipped to Rs 48493 per 10 gram, extending losses to the third day, while silver fell 0.8% to Rs 71301 per kg.
In the previous session, gold had dipped 0.8% while silver had declined 0.56%. MCX gold has support at Rs 47,350 and resistance at Rs 49,200, say analysts. Gold has failed to hold to gains after hitting 5-month highs of Rs 49,700 earlier this month.
In August last year, gold had touched a record high of Rs 56,200. Support for gold is seen at $1,842 and a drop below this level could extend the downward momentum, says Geojit. On the other hand, prices are required to break above $1,900 to reverse the momentum, it added.
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