Gold prices in India today struggled near 10-month lows amid weak global cues. On MCX, gold futures were down 0.11 per cent to Rs 45,500 per 10 gram, their sixth day of decline in the previous seven days. Silver futures were flat at Rs 69,216 per kg. Gold is in a sideways trend and MCX gold faces resistance at Rs 45600-45800 levels, says Kshitij Purohit, Lead, International & Commodity at CapitalVia Advisor.

In global markets, gold prices edged lower today as firm US Treasury yields exerted pressure on non-yielding bullion. Spot gold eased 0.2 per cent at $1,734.16 per ounce. Benchmark US Treasury yields after a sharp fall last week held near 1.4 per cent levels, making non-interest paying gold unattractive to investors.

“A rally in global equities on economic optimism and strengthening of US dollar continue to hit the safe-haven status of gold and thus the price of the commodity. Meanwhile, hopes of fiscal stimulus measures from the U.S offer lower-level support to the metal,” said Hareesh V, Research Head Commodities at Geojit Financial Services. “Sentiment will continue to be on the lower side as long as it stays below the support of $1760. However, a direct turn above $1820 is required to negate the view and take prices higher,” he added. Among other precious metals, silver dipped 0.3 per cent to $26.67 an ounce, while palladium climbed 0.6 per cent at $2,376.50. Platinum shed 0.3 per cent to $1,200.50.

“The US and global bond yields have risen sharply in the last few days and while central banks have played down higher yields as a reflection of economic optimism, market players are worried about inflation and rising borrowing costs. The US 10-year bond yield hit a Feb 2020 high of near 1.61 per cent last week but has steadied near 1.4 per cent currently,” Kotak Securities said in a note.