Gold prices today slipped below the key 45,000 level in Indian markets while silver rates tumbled amid weak global cues. On MCX, gold futures dipped 0.5% to 44810 per 10 gram while silver futures slumped 2% to 66070 per kg.
In global markets, gold today edged lower amid a strong dollar and hardening US bond yields. Spot gold fell 0.3% to $1,739.78 an ounce while other precious metals like silver, platinum and palladium all retreated.
Gold is likely to remain choppy with negative bias till prices stay below the support of $1760, says Geojit. “Meanwhile, major downside momentum is seen only if it breaks below $1660. A direct break of $1760 recovery upticks would trigger and it may take prices towards $1820,” the brokerage said.
In Indian markets, gold prices are now down about 5,000 from the start of this year and as compared to last August record high levels of 56,000 they are off about 11,500.
