Gold prices today fall for 2nd day, down 11500 from record high, silver drops

Gold rates today: On MCX, prices fell to ₹44795 per 10 gram.

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Gold has remained in a very narrow range over the past two weeks in India Concerns about a surge in fresh coronavirus cases in many parts of the world offered some support to gold at lower levels

Gold prices in India fell for the second day in a row amid weak global cues. On MCX, gold futures fell 0.24% to ₹44,795 per 10 gram while silver declined 0.5% to ₹66,013 per kg. In the previous session, gold had inched 0.18% lower while silver fell 1.6%. Gold has remained in a very narrow range from 44,500 to ₹45,300 over past two weeks in Indian markets amid mixed cues. The precious metal had hit a hit a record high of ₹56,200 in August last year.

On MCX, gold support at ₹44,680 while resistance at ₹46,200, says Geojit.

In global markets, gold prices slipped today after a overnight rally in US equities but concerns about a surge in fresh coronavirus cases in many parts of the world capped losses. A stronger dollar also weighed on gold. Spot gold fell 0.3% to $1,733.69 per ounce. Among other precious metals, silver fell 0.6% to $25.61 and platinum was down 0.3% at $1,179.59.

“Weakness in gold likely to extend as long as prices stay below the support of $1760. Meanwhile, major liquidation pressure is seen only if it breaks below $1660. A direct rise above $1760 may see recovery upticks and it may take prices towards $1820 or more,” Geojit added.

The 10-year U.S. Treasury yield softened further from the highest in about 14 months. The stabilization in bond yields helped trigger a rally in risk assets.

The US dollar hovered below recent highs today as investors looked to fresh comments from top US policy makers to gauge how far they would allow US bond yields to harden, said Sriram Iyer , Senior Research Analyst at Reliance Securities.

Fed Chairman Jerome Powell is scheduled to testify tonight in front of the U.S. Congress, along with Treasury Secretary Janet Yellen “Technically, the Dollar Index found resistance at an important resistance zone at 92.00–92.10 and only a sustained trade above could push the index back to 92.50 levels. Support for the Index is at 91.55–91.60 levels,” he added. Gold and silver prices are trading with a bearish to sideways trend, said analysts at CapitalVia Investment Advisors.

“Technically, international gold is traded with bearish momentum, where resistance is at $1755-$1745 levels. Prices are sustaining above support of $1720-$1725,” they said.

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