Gold Prices Today Slip After Kissing 3-Month High, Silver Rates Down

Gold prices today slip in Indian markets while silver extended decline to the third straight day, tracking lackluster global cues. MCX gold futures were down 0.32% to ₹48,520 while silver was off 0.4% to ₹72,073 per kg.

Gold Prices Today Slip

In the previous session, gold had hit a over 3-month high of ₹48,700 per 10 gram. On MCX, gold has support at ₹48000-47900 levels which when breached with heavy volume could lead to a downfall till 47700 levels. For silver, support is at ₹71050-70900 levels.

In international markets, gold rates were flat at at $1,869.50 per ounce. On Wednesday, gold had hit a near four-month high of $1,889.75. Stronger dollar and higher bond yields weighed on gold. Benchmark US Treasury yields held above 1.664% after the release of the minutes from the Federal Reserve’s last monetary policy meeting.

A number of Fed policymakers at the central bank’s April 27-28 meeting thought if the US economy continued rapid progress, it would be appropriate to reconsider asset purchases in upcoming meetings. Higher interest rates increase the opportunity cost of holding non-yielding bullion.

Stronger dollar and higher bond yields weighed on gold

Meanwhile, inflows into gold-backed exchange traded showed some profit-taking at higher levels. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.5% to 1,031.27 tonnes on Wednesday from 1,035.93 tonnes on Tuesday.

Among other precious metals, silver eased 0.3% to $27.66, while platinum edged 0.2% higher to $1,193.32.

Gold’s rally however came to a halt as US dollar index and bond yields halted ahead of the

Apart from higher bond yields, gold’s rally has been halted as ETF investors moved to sidelines after recent inflows. “Also weighing on gold price is improving virus situation in US and Europe which has led to easing of virus related restrictions. Also weighing on price are concerns about Indian demand amid rising virus cases,” the brokerage added.

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(With Agency Inputs)

Gold Prices Today Slip After Kissing 3-Month High, Silver Rates Down via @goldsilverrepor
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