Srinagar, Apr 15: Gold and silver prices edged lower today in Indian markets after a surge in the previous session. On MCX, gold futures fell 0.21% to Rs 6,875 per 10 gram while silver inched 01% lower to Rs 67,618 per kg. In the previous session, gold had surged 1.2% or about 550 per 10 gram while silver had jumped 2.2%. MCX was shut for trading during the first half due to a public holiday.
In India, gold has rebounded from Rs 44,000 levels hit earlier this month. An uptick in global rates and weakness in the rupee have lifted domestic prices.
In global markets, gold rates were flat today as firmer US bond yields offset gains from a weak dollar. Spot gold was flat $1,743.01 per ounce. Among other precious metals, silver was marginally higher at $25.35 an ounce while platinum gained 0.7% to $1,163.73.
The US dollar fell to near three-week lows of 91.790 against a basket of other currencies, making gold cheaper for holders of other currencies. But bond yields rose slightly, increasing the opportunity cost of holding the metal that pays no interest.
In global markets, technically gold is in a sideways trend and gold must rise above the $1755-$1760 mark to push higher, says Kshitij Purohit, Lead – International & Commodity at CapitalVia Investor Advisor.
Domestic gold prices are expected to remain choppy and on the downside have support at Rs 46380-46200 levels, he said.
Global equity markets were mostly higher today, with investors looking to the earnings season for further catalysts. Investors are also monitoring vaccine developments for any threats to the economic recovery, while also keeping an eye on rising inflation. (Agencies)
