Gold and silver prices edged lower in Indian markets

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Gold and silver prices

Gold and silver prices edged lower in Indian markets, a day after clocking sharp gains. On MCX, gold futures were down 0.33% to ₹45,767 per 10 gram while silver declined 0.28% to ₹65,715 per kg. In the previous session, gold had jumped ₹600 or 1.25% per 10 gram while silver had surged 2% or ₹1,300 per kg. In global markets, gold today edged lower after hitting a two-weak high in the previous session.

GST CouncilFor representational purposesBy Express News Service

Gold and silver prices in India have rebounded from one-year low levels of ₹44,100 hit last week, helped by a rebound in global rates and coronavirus concerns.

“Immediate resistance of $1760 should broken to continue upticks for the day. Else, there are chances of corrective selling but stiff support is placed at $1680, breaking the same is required to extend the momentum,” said domestic brokerage Geojit.

On MCX, gold faces resistance at ₹46,150 and support at ₹44,100, it said.

Among other precious metals, silver fell 0.3% to $25.10 while palladium was down 0.4% to $2,674.91.

However, ETF outflows continued to be a headwind for gold. The holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund or ETF, fell 0.4% to 1,029.04 tonnes on Tuesday from 1,032.83 tonnes on Monday.

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