Gold prices fell for the fourth day in a row in Indian markets. On MCX, gold futures were down 0.12 per cent at Rs 52567 per 10 gram, while silver dipped 0.4 per cent to Rs 68,136 per kg. The yellow metal has been under pressure amid multi-year high US bond yields and a strong US dollar. Gold had hit a high of Rs 55,700 per 10 gram last month in domestic markets.

In international markets, gold prices ease today as a rebound in US yields offset the precious metal’s safe-haven appeal stemming from the Ukraine crisis and inflation concerns. Spot gold was down 0.3% at $1,951.76 per ounce. Among other precious metals, spot silver dipped 0.4% to $25.07 per ounce, platinum was flat at $986.86, and palladium slipped 0.2% to 2,446.17. Rahul Kalantri, VP Commodities, Mehta Equities, says gold has support at $1938-1928, while resistance at $1962-1972.

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“Silver has support at $24.90-24.68, while resistance is $25.30-25.48. In rupee terms, gold has support at ₹52,420–52,250, while resistance is at ₹52,950–53,110. Silver has support at ₹68,020- 67,650 while resistance is at ₹68,740–69,210,” he said.

The Russia-Ukraine conflict and rising inflationary pressures increased safe-haven bids. US bond yields have moved higher on expectations that the Federal Reserve will aggressively hike interest rates as inflation accelerates. Gold is susceptible to rising short-term U.S. interest rates and higher yields, which increase the opportunity cost of holding zero-yield bullion.