MCX gold has support at ₹45,450 levels while resistance at ₹47,380, says Geojit in a note. On the other hand, MCX Silver has resistance at ₹72,800 and support at ₹68,400.
In global markets, gold prices were flat today but were on track for their second straight weekly decline as rising US Treasury yields dented the appeal of bullion which does not pay any interest. Spot gold was flat at $1,770.15 per ounce and are on track for 0.6% decline for the week so far. * U.S. gold futures fell 0.5% to $1,767.10.
The dollar index, which measures the performance of the greenback against a basket of six currencies, was up 0.06% at 90.188 today.
“Improved economic sentiment and inflation concerns lifted US treasury yields which hit gold’s safe haven appeal and thus the price of the metal,” said Hareesh V, Research Head Commodities at Geojit Financial Services.
“As long as prices hold the support of $1760 there are chances of recovery upticks but it is required to break $1880 to extend the momentum. An unexpected drop below $1750 is an early signal of liquidation pressure,” he added.
Among other precious metals, silver gained 0.3% to $27.49 an ounce, while palladium was steady at $2,400.43 and platinum rose 0.1% to $1,217.93.
“If silver stays above $26 it may continue with mild positive bias for the day. A direct fall below $24 could negate the outlook and take prices lower,” says Geojit.
ETF interest in gold continued to remain weak. Holdings in the world’s largest gold-backed exchange-traded fund, SPDR Gold
“Investor interest remains weak as is evident from continuing ETF outflows. Gold
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