Srinagar, Mar 12: Gold and silver prices edged lower today in Indian markets as a rally in risk assets took some shine off precious metals. On MCX, gold futures were down 0.3% to ₹44,731 per 10 gram while silver declined 0.5% to ₹67,177 per kg. In Thursday’s truncated session, gold prices edged 0.11% higher while silver advanced 0.2%. MCX was closed for the morning session on Thursday due to a public holiday.
MCX gold has support at ₹43,450 and resistance at ₹45,420, says domestic brokerage Geojit.
In global markets, gold rates edged lower but were up more than 1% for the week as US benchmark bond yields pulled back from recent highs. Spot gold today was 0.2% lower at about $1,718 an ounce. Lower bond yields reduce the opportunity cost of holding non-interest paying gold.
“Gold prices continue to be on the bearish trap as long as it $1780 caps the upside. However, a direct drop below $1660 would trigger further liquidation pressure in the metal. Immediate upside turnaround point is seen at $1820,” Geojit said in a note.
Among other precious metals, silver rates were flat at $26.11 an ounce but were up 3.5% for the week.
“For silver, a direct break above $26.50 is required to continue recovery upticks. Else, prices could correct lower but breaking $23.40 would extend major bearish momentum,” Geojit said.
MCX silver has resistance at ₹68,800 and support at ₹64,400, the brokerage said.
However, gold ETFs continued to see outflows, putting pressure on the precious metal. Holdings of SPDR Gold Trust, the the world’s largest gold-backed exchange-traded fund, fell 0.5% to 1,055.27 tonnes on Thursday.
