Gold prices in India dipped today, extending losses to the second day though the drop was moderate. On MCX, gold futures were down 0.04 per cent to Rs 48575 per 10 grams, while silver fell 0.45 per cent to Rs 61,856 per kg. In global markets, gold edged higher to regain $1,800 per ounce levels as concerns over the rapidly spreading Omicron coronavirus variant boosted the metal’s safe-haven appeal. Asian share markets were lower today as fresh lockdowns in parts of Europe to stem the rapid spread of omicron are also unsettling investors.

Gold is expected to remain choppy with mild positive bias expected initially, but a direct break above $1820 would increase prices. An unexpected drop below $1765 is a sign of weakness,” domestic brokerage Geojit said in a note.