Today, Gold prices fell in the Indian market in precious metals. Also, on MCX, the yellow metal futures today fell 0.4 per cent to near a two-month low of Rs 50,200 per 10 gram, while silver tumbled to a multi-year low of Rs 52,395 per kg.

Gold fell to a six-week low in global markets amid a firm US dollar. The yellow metal was down 0.3 per cent to $1,706.31 an ounce as the dollar index rose 0.29 per cent to 108.983. The US bond yields also rose on expectations of the US Federal Reserve continuing with its aggressive policy stance.

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“Gold trades near 6-week low amid persistent strength in the US dollar and bond yields on the back of hawkish comments from Fed officials despite mixed economic data. Also weighing on price are concerns about the health of the Chinese economy, which may hamper consumer demand. ETF outflows also show weaker investor interest. Gold has corrected sharply from recent highs and is now near the key $1700/oz level; however, we may see weakness continuing unless there is a substantial correction in the US dollar and bond yields,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

Gold, silver technical outlook
“Bullion prices retreated sharply, and silver prices slipped below two-year lows on Wednesday, weighed down by strengthening dollar index and bond yields on expectations of more rate hikes to fight inflation. Fundamentals remain negative for the metal, while bearish technical studies add to the weak structure,” said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.

“However, due to oversold conditions, some consolidation could be seen in the yellow metal going ahead. The Eurozone inflation hit a record 9.1 per cent in August, so the ECB could also start raising interest rates to control inflation. However, the US ADP non-farm employment data released on Wednesday was below expectations and supported gold prices at lower levels.”

“Gold has support at $1698-1684, while resistance is at $1722-1735. Silver supports $17.55-17.40, while resistance is $18.25-18.42. In rupee terms, gold supports Rs 50,050–49,840, while resistance is Rs 50,520–50,740. Silver has support at Rs 52,550-52,120, while resistance is at Rs 53,580–53,910.”