NEW DELHI:
Gold prices declined in futures trade on Wednesday on a fall in demand by jewellers at the spot markets, while weakness in the equity market and positive global trend capped the fall of the yellow metal.
Gold prices rose in global markets, moving away from a one-week low touched in the previous session, as escalating tensions in West Asia drove investors towards the safe-haven metal.
However, dollar's rise against its peers weighed on gold prices. Gold and dollar share an inverse relationship. Since
international gold is dollar-denominated, a stronger dollar drags gold prices down.
Silver prices also fell as orders from industrial units and coin makers declined.
Around 11:05 am, MCX Gold traded at Rs 34,937 per 10 grams, down by Rs 84, while MCX Silver traded Rs 41,404 a kilo, down by Rs 30.
As per brokerage
SMC Global Securities, gold can take support near Rs 34,850, facing resistance near Rs 35,100, while silver can take support near Rs 41,100 but has resistance near Rs 41,600.