Gold and silver prices slid lower in Indian markets after a sharp drop in the previous session. Gold futures were up 0.32% at Rs 47,927 per 10 gram while silver moved up 0.25% at Rs 69,389 per kg.
In the previous session, gold had fell 0.83% while silver had slid 1.6%. In international markets, gold rates spiked higher as US Treasury yields fell and the dollar softened. The precious metal was also helped by sluggish global equity markets.
On MCX, gold rates have support at Rs 46,200 per 10 gram while faces resistance at ₹48,240, market watchers said.
In India, gold has risen about ₹4,000 so far this month, tracking a recovery in global rates.
“Inability to break the immediate support of $1760 there are chances of recovery upticks which may lead gold prices towards $1820 or more for the day. At the same time, an unexpected drop below $1725 is a bearish signal,” brokerage house Geojit noted.