Gold and silver rates edged lower in Indian markets after a sharp drop in the previous session. Gold futures were up 0.32 per cent at Rs 47,927 per 10 gram while silver rose 0.25 per cent at Rs 69,389 per kg. In the previous session, gold had declined 0.83 per cent while silver had slumped 1.6 per cent. In global markets, gold rates edged higher amid falling US Treasury yields and a softer dollar. The precious metal was also supported by weak global equity markets. On MCX, gold rates have support at Rs 46,200 per 10 gram while faces resistance at Rs 48,240, domestic brokerage Geojit said. In India, gold has risen about Rs 4,000 so far this month, tracking a recovery in global rates. In international markets, spot gold was up 0.2 per cent at $1,787.1Gold

“Inability to break the immediate support of $1760 there are chances of recovery upticks which may lead gold prices towards $1820 or more for the day. At the same time, an unexpected drop below $1725 is a bearish signal,” domestic brokerage Geojit said in a note.

The dollar index fell 0.13 per cent to 91.198 against its rivals, making gold cheaper for other currency holders. US 10-year Treasury yields edged lower on news that Biden will propose a tax hike for high earners.

Jigar Trivedi, Research Analyst- Commodities Fundamental, Anand Rathi Shares & Stock Brokers on Gold, said that a sagging dollar and weaker US Treasury yields boosted the metal’s appeal. “Adding to the bullish tone, demand from China has bounced back from low levels, with Beijing permitting domestic and international banks to import large amounts of gold into the country. The sentiment is positive but we don’t deny profit booking also,” he said.