Gold has rallied 5.25 percent in the previous three sessions and ended March 4 Rs 43,569.
The price of gold, after rallying during the week, lowered in the futures market on March 5 on profit-taking and stronger equities.
The April gold futures declined Rs 144, or 0.33 percent, to Rs 43,425 per 10 gram on the Multi Commodity Exchange (MCX) at 0945 hours. The upside in equity also weighed on the commodity.
It hit a high of Rs 43,504 and low of Rs 43,353 in the morning.
The gold price has rallied 5.25 percent in the previous three sessions to close at Rs 43,569 on March 4.
In the international market, yellow metal ended March 3 flat but above the crucial support of $1,632 per troy ounce, while silver settled above $17 per troy ounce.
Gold was trading at $1,640 per troy ounce, down 0.16 percent, and the silver was down 0.21 percent at $17.21 an ounce at the time of writing this copy.
In the domestic market, silver’s April price was trading at Rs 46,538 per kg, down Rs 145, or 0.31 percent, after hitting an intraday high of Rs 46,618 and low of Rs 46,452.
"Gold and silver prices showed some gains on Wednesday due to weakness in rupee. We expect both the precious metals to remain volatile and due to interest rate cut by major global central banks, investors’ risk appetite will increase," said Manoj Jain of IndiaNivesh.
According to him, gold could trade in the $1,622-1,655 per troy ounce range and silver $16.94-17.44.
At MCX, the gold price is expected to be in the Rs 43,100-43,800 range and silver Rs 46,000-46,800.
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