Following its recent trend in the Indian market, the Gold price continued to struggle and remained near 8-month lows. The gold futures rose by 0.12% and currently stand at Rs. 46,297/10 gram. Meanwhile, Silver futures are suffering as their price fell by 0.4% to ₹68,989 per kg. Since the turn of 2021, the invaluable metal has come to blows, due to instability in the global market. However, the hopes of quicker global economic recovery and a rise in the US bond yields continue to be there.
While Gold experienced a great run in August 2020 by touching highs of Rs. 56,200, it has now dropped by around 18% to Rs. 46,297, bringing the rate down by almost Rs. 10,000.
In a note by Geojit, it was stated that MCX gold had support at Rs.45,450, while opposition at Rs. 47,380. Contrarily, MCX Silver was stated to be facing opposition at Rs 72,800 and support as Rs. 68,400.
On Thursday, Gold saw a massive decline in price by as much as 1.9%. Concerns due to inflation also resulted in the standard US bond yields to reach their annual high. The precious element also struggled because of the rise in the US dollar.
The gold prices in today’s global market showed a constant rate but it is set for a second consecutive weekly fall due to rising US treasury yields.
Among other costly metals, silver rose by 0.3% to Rs. 70,900 per kg, while platinum rose by 0.1% to Rs. 88,261 and palladium remained steady at Rs. 1,66,869.