Gold prices in India today fell as the volatile ride continued in global markets. On MCX, October gold futures dipped 0.14% ₹52,175 per 10 gram, the second decline in three days. Silver futures on MCX rose 0.4% to ₹67050 per 10 gram. In the previous session, gold prices had edged 0.7% or ₹350 higher while silver advance 0.06% amid a volatile ride. On Tuesday, gold futures on MCX had collapsed nearly 6% or ₹3,200 per 10 gram.
MCX gold futures have support in the zone of ₹50450/49200 while on the upside resistance at ₹53600, Geojit Financial Services said in a note.
In global markets, gold prices today edged higher after Tuesday’s 6% drop – the biggest fall in seven years. Spot gold today traded 1% higher at $1,936.29 an ounce. Futures for December delivery declined 1% to $1,930.40 on the Comex in New York. Last week, gold had rallied to an all-time high of $2,075.47.
Silver has also been on a roller coaster ride. Silver for immediate delivery rose 0.3% to $25.5884 an ounce, following a 2.9% gain on Wednesday and 15% slump on Tuesday.
The factors that had pushed gold to an all-time high were back in play today. A weaker U.S. dollar and concerns over the global economic recovery boosted the demand for the safe-haven metal.