Gold prices in India declined on the Multi Commodity Exchange (MCX) Friday and traded below Rs 46,000 per 10 grams level tracking a weak trend in the international spot prices. Silver prices also fell over 1 percent.

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At 10:40 am, gold futures for April delivery fell 0.38 percent to Rs 45,950 per 10 grams as against the previous close of Rs 46,126 and opening price of Rs 45,986 on the MCX. Silver futures traded 1.05 percent lower at Rs 67,777 per kg. The prices opened at Rs 68,000 as compared to the previous close of Rs 68,494 per kg.

“The gold prices breached the crucial support level of Rs 46,000 on MCX as investment demand weakens. The focus of investors is shifting more towards bitcoins as the equity markets are also witnessing a fall. The sentiment for precious metals remains negative, Strength in Indian rupee is also pressurizing the yellow metal,” said Ajay Kedia, director, Kedia Commodity Comtrade.

International gold prices fell to their lowest in more than seven months on Friday, on course for their worst week since the end of November, as rising US Treasury yields eroded the non-yielding bullion's appeal, a Reuters report said.

Spot gold fell 0.4 percent to $1,769.03 per ounce, having touched its lowest since July 2 at $1,759.29 earlier in the session. Prices have declined 3 percent so far this week. US gold futures slipped 0.6 percent to $1,765.30.

Experts believe that the gold breached an important support level of $1,764 indicating more serious weakness in the yellow metal which may head towards $1,736 and below that, it can see $1,711 level.

Benchmark US Treasury yields hovered close to a near one-year high hit earlier in the week. Higher yields increase the opportunity cost of holding bullion, which pays no interest.

Gold’s decline came despite an unexpected rise in US jobless claims last week.

“On MCX, gold may find support at Rs 45,550 level, while resistance is placed at Rs 46,350 level. Silver may find support at Rs 66,200 level and resistance at Rs 69,400 level,” Kedia said.

Here are gold rates across major cities:

Here are silver rates across major cities:

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