Yellow metal prices drop for 2nd consecutive day as markets open on positive note


Domestic gold prices plunged for the second consecutive day on Thursday with MCX gold futures dropping by 0.12 percent to Rs 5,0445 per 10 grams. White metal future was up 0.15 percent to Rs 54,107 per kilogram.

Spot gold prices fell 0.1 percent to $1,716.04 an ounce, and leading cryptocurrency bitcoin was last down 0.95 percent at $19,199.00, Reuters reported.

This came as the dollar index, which tracks the greenback against a basket of currencies of other major trading partners, saw a slight drop on Thursday at 109.79, as of 9:18 am (IST).
Rahul Kalantri, VP Commodities, Mehta Equities Ltd, said, “Gold has support at $1712-1696, while resistance at $1734-1746. Silver has support at $18.05-17.88, while resistance is at $18.48-18.65.”

Manoj Kumar Jain, Head-Commodity and Currency Research at Prithvi, Finmart, said, “Gold and silver showed very high volatility and drop in the early trading session when the dollar index hit 110.79 and the US bond yields crossed 3.35 percent, but heavy profit taking at higher levels in the dollar index and bond yields supported precious metals.”

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