Gold prices in India traded lower on the Multi Commodity Exchange (MCX) Friday after the US bond yields spiked and the dollar rebounded, denting appeal for the safe-haven metal, analysts said. Silver prices also declined.

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At 10:15 am, gold futures for April delivery fell 0.18 percent to Rs 44,870 per 10 grams as against the previous close of Rs 44,951 and opening price of Rs 44,928 on the MCX. Silver May futures traded 0.74 percent lower at Rs 67,247 per kg. The prices opened at Rs 67,137 as compared to the previous close of Rs 67,747 per kg.

“The trend for gold prices remains bearish due to the rise in bond yields and strength in the dollar. Outflows from gold-backed ETF trust funds is further pressuring the yellow metal prices. We suggest sell gold on any rise in prices as the sentiment remains weak,” said Jigar Trivedi, Fundamental Research Analyst – Commodity, ‎Anand Rathi Securities.

International gold prices fell on Friday, pressured by a surge in US Treasury yields and a rebound in the dollar, but the metal’s jump to a two-week high in the previous session set it on track to record a small weekly gain, a Reuters report said.

Spot gold fell 0.5 percent to $1,728.63 per ounce, after hitting its highest since March 1 in the previous session. US gold futures were down 0.3 percent at $1,728.00 per ounce.

The yield on the US 10-year Treasury note on Thursday rose above 1.75% for the first time in 14 months after the Federal Reserve pledged to look past inflation and keep interest rates near 0 percent until at least 2024.

Read here:

US 10-year Treasury bond yields hit 14-month high

Higher yields lift the opportunity cost of holding non-yielding bullion. The dollar also climbed, making gold expensive for non-holders of the US currency.

“Gold may find support at $1,690 - $1,710 levels, while resistance is seen at $1,750 - $1,760 levels in the international market. Support for silver is placed at $25.08 - $25.09 levels,” Trivedi said.

According to him, on MCX, support for gold is seen at Rs 44,650 level and resistance at 45,000 level. Silver may find immediate support at Rs 66,200 and resistance at Rs 68,000 level, Trivedi added.

“If gold prices breach Rs 45,200 level, then it may rise towards Rs 46,000,” he said.

Here are gold rates across major cities:

Source: Kedia Advisory

Here are silver rates across major cities:

Source: Kedia Advisory

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