New Delhi: Gold and silver prices declined in India today on weak global cues. On MCX, gold futures fell 0.2% to Rs 49,020 per 10 grams, while silver fell 0.5% to Rs 71,507 per kg.
In the previous session, gold closed flat while silver jumped 0.9%. Analysts say that gold reached Rs 48020 on MCX while silver reached Rs 68200. Gold hit a 5-month high of Rs 49,750 last week and has since been struggling amid weak global cues.
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Gold rates fell marginally in international markets as investors remained cautious before US inflation data. The ecu financial institution policy meeting is additionally scheduled for later within the day. Spot gold was down 0.2% at $1,885.51 an oz, among other precious metals, silver fell 0.1% to $27.73 an oz, while platinum fell 0.2% to $1,147.56.
A stronger US dollar weighed on gold, making gold less attractive to other currency holders. The dollar index was trading marginally higher at 90.168 against its rivals.
On the opposite hand, gold was supported by a fall within the US benchmark Treasury yield, which fell below 1.50% during a month.
Technically, international gold is trading below the $1,900 level with a small downside and downside bias, says Analysts at Capital via Investment Advisors.
Analysts say that if the worth falls towards the extent of $1840, then an enormous weakness are often seen in gold. Analysts expect the ecu financial institution to take care of its lax monetary policy stance.
Meanwhile, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund or gold ETF, rose 0.6% to 1,043.16 tonnes on Wednesday from 1,037.33 tonnes on Tuesday. In India, gold ETFs saw a net inflow of Rs 288 crore last month, compared to Rs 680 crore in April.