Gold prices fell today in Indian markets while silver also continued with its slide for the third straight day, as on MCX, gold futures were down 0.32 per cent to Rs 48,520 while silver was off 0.4 per cent to Rs 72,073 per kg.
In the previous session, gold had hit a 3-month high of Rs 48,700 per 10 gram. On MCX, gold has support at Rs 48000-47900 levels.
In international markets, gold rates were flat at at $1,869.50 per ounce. On Wednesday, gold had hit a near four-month high of $1,889.75. Stronger dollar and higher bond yields weighed on gold.
“COMEX gold trades 0.4 per cent lower near $1873 per ounce after a 0.7 per cent gain on Wednesday when it tested the highest level since early January. Gold came under pressure as FOMC minutes noted that discussions over tapering of bond purchases have begun even as the central bank continues with an accommodative stance,” according to Ravindra Rao, CMT, EPATVP-Head Commodity Research, Kotak Securities Ltd.