Gold prices today fall after big jump this month, silver rates slump

Gold rate today: On MCX, prices dipped marginally to ₹47,352 per 10 gram

1 min read . Updated: 19 Apr 2021, 09:38 AM IST Edited By Surajit Dasgupta

Gold prices have jumped more than ₹3,000 per 10 gram so far this month
Global rates have also rallied this month

Gold prices struggled today in Indian markets after posting big gains so far this month. On MCX, gold was down marginally at ₹47,352 per 10 gram while silver slumped 0.7% to ₹68,223 per kg. Gold rates in India have rebounded from ₹44,000 at the start of this month, supported by rally in global rates amid weakness in dollar and softening US bond yields. On MCX, gold has support at ₹45,880 and resistance at ₹47,740, says Geojit at a note.

In global markets, gold rates edged higher, supported by a weaker dollar. Spot gold was up 0.1% at $1,777. The dollar index was up 0.13% to 91.66 but was near a one-month low. Weaker dollar makes gold less expensive for other currency holders.

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Among other precious metals, silver fell 0.6% to $25.81 per ounce while platinum was steady at $1,203.61.

Technically, as long as gold holds above $1,760 level, the outlook for gold is remain positive, say analysts.

"Sustaining trades above $1,760 may strengthen prices and there are chances of recovery upticks which may lead prices towards $1820 or more. At the same time a direct turn below $1725 is a bearish signal," Geojit said in a note.

Gold was also supported by dip in benchmark U.S. 10-year Treasury yields that edged lower towards multi-weeks lows. Lower bond yields reduce the opportunity cost of holding non-interest bearing bullion. On the other hand, gold's gains were capped by upbeat global sentiment in equities.

This week, on gold traders' watch will be European Central Bank rate decision and President Christine Lagarde briefing, due on Thursday. Also, the US will release manufacturing and services purchasing managers data on Friday. Gold was at $1,778.97 an ounce, climbing 0.1%.

(With Agency Inputs)

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