On Thursday, gold and silver prices fell in the Indian market in tandem with a drop in international prices. On MCX, gold futures were near 7-month lows of Rs 49,321, down 0.25 per cent, while silver fell 0.4 per cent to Rs 57,059 per kg.  

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In global markets, spot prices of gold fell 1 per cent to $1,656.97 per ounce, buffeted by strong dollar and firm bond yields after the US Federal Reserve overnight increased interest rates by another 75 basis points. 

Gold observed that hedging against inflation but rate hikes to tame inflation tend to raise the opportunity cost of holding zero-yield bullion. Spot silver slumped 1.7 per cent to $19.26 per ounce, while platinum fell 1.1 per cent to $897.92.

Recently, investors refused to jump in gold prices. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.12 per cent to 952.16 tonnes yesterday from 953.32 tonnes on Tuesday. 

“Gold has support at $1647-1640, while resistance is at $1670-1782. Silver supports $19.05-18.85, while resistance is $19.42-19.55. In rupee terms, gold has support at ₹49,040-48880, while resistance is at Rs49,610, 49,760. Silver has support at Rs56,250-55,640, while resistance is at Rs57,680–58,110,” said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.