Gold prices have led to a lower trading range on the stronger dollar and increased US Treasury yields.
According to HDFC Securities, gold prices fell by 217 to 2 44,372 per 10 grams in the national capital on Thursday, as the perception of the risk has risen as the vaccine rollout reduced demand for safe havens for precious metals.
The precious metal had closed at Rs 44,589 per 10 grams in the previous trading session.
In tandem, the price of silver rose from ₹ 1,217 to silver 66,598 per kg, compared with the previous closing silver of 67,815 per kg.
HDFC Securities Senior Analyst (Commodities) Tapan Patel said that despite the fall in the rupee due to the fall in 24-carat gold prices in Delhi, Comex represents an overnight decline in gold prices.
Meanwhile, the Indian rupee was trading 18 paise down at 72.90 against the US dollar.
Patel further stated that gold prices have led to a lower trading range on a stronger dollar and increased US Treasury yields.
“The vaccine rollout has increased risks on sentiment that has been reducing safe-haven demand for precious metals. Traders may await comments from the US Fed president on Thursday,” he said.
In the international market, gold was trading slightly higher at $ 1,717 an ounce and silver was also marginally higher at $ 26.09 an ounce.
Patel said, “We expect gold prices to go down for the day. Comics Spot Gold support is at $ 1,700 and resistance at $ 1,740. MCX Gold April support is at ₹ 44,700 and resistance at 45,200”.