Gold and silver prices in India markets edged lower, tracking a downtick in global rates. On MCX, gold futures slipped 0.15 per cent to Rs 49,363 per 10 gram while silver futures fell 0.6 per cent to  Rs 71,832 per kg. In the previous session, gold had risen to over 4-month high of  Rs 49,700 per 10 gram. In India, gold rates have jumped about  Rs 5,000 in past two months amid global rebound. Still the precious metal is down about  Rs 7,000 from its last year’s record high of Rs 56,200.

In global markets, gold came off five-month highs as higher US bond yields weighed on precious metal. Strong US economic data also took away some shine off gold. Spot gold was down 0.1 per cent at $1,898.58 per ounce, after hitting a near 5-month high of $1,916.40 on Tuesday. The dollar also strengthened against other currencies.

Gold faces resistances at $1915 and then 1925 levels, says domestic brokerage Geojit. On the other hand, the precious metal has support at $1875 and then at $1810, the brokerage said.Data showed that U.S. manufacturing activity picked up in May. Overnight, the US 10-year Treasury yield rose to a more than one-week high overnight. Higher yields increase the opportunity cost of holding non-interest bearing gold.