On MCX, June gold futures were steady at Rs 50,975 per 10 gram, while silver rose 0.4 per cent to Rs 61,716 per kg. Gold has been sliding since mid-April as the Federal Reserve, and other central banks tighten policy to fight rising consumer prices. Early March, gold had come closer to Rs 56,000 in Indian markets.

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“The monetary squeeze has sent yields on US government bonds past 3 per cent and fuelled five weeks of gains for the dollar, making non-interest-bearing gold less attractive, said Rahul Kalantri, VP Commodities, Mehta Equities.

Gold edged higher today as a decline in US Treasury yields offset pressure on dollar-priced bullion in global markets. Spot gold was up 0.2 per cent at $1,856.75 per ounce. Among other precious metals, silver gained 0.4 per cent to $21.87 per ounce, while platinum dipped 0.1 per cent to $954.98, and palladium rose 0.5 per cent to $2,107.80.

Mr Kalantri expects bullion prices will remain volatile today. “Gold has support at $1850-1840, and resistance at $1874-1984. Silver has support at $21.65-21.40, while resistance is $22.28-22.55. Gold has support at Rs 50,770–50,610, while resistance is at Rs 51,280–51,550. Silver has support at Rs 60,840-60,350, while resistance is at Rs 62,150–62,510,” he added.