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Gold rate today: Yellow metal falls below Rs 48,500 per 10 grams level; Silver declines 2%

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Gold prices in India traded lower on the Multi Commodity Exchange (MCX) Tuesday following a muted trend in the international spot prices amid firm US dollar, while silver prices plunged over 2 percent on profit booking. At 11:15 am, gold futures for April delivery fell 0.72 percent to Rs 48,370 per 10 grams as against the previous close of Rs 48,720 and opening price of Rs 48,612 on the MCX. Silver futures traded 1.90 percent lower at Rs 72,269 per kg. The prices opened at Rs 72,600 as compared to the previous close of Rs 73,666 per kg.

Gold rate today: Yellow metal falls below Rs 48,500 per 10 grams level; Silver declines 2%
Gold prices in India traded lower on the Multi Commodity Exchange (MCX) Tuesday following a muted trend in the international spot prices amid firm US dollar, while silver prices plunged over 2 percent on profit booking.
At 11:15 am, gold futures for April delivery fell 0.72 percent to Rs 48,370 per 10 grams as against the previous close of Rs 48,720 and opening price of Rs 48,612 on the MCX. Silver futures traded 1.90 percent lower at Rs 72,269 per kg. The prices opened at Rs 72,600 as compared to the previous close of Rs 73,666 per kg.
The domestic gold prices declined in the previous session after the government announced a reduction in duty on both the precious metals to 7.50 precent from 12.5 percent and introduced a 2.50 percent Agriculture Infrastructure Development Cess.
Effective net duty reduction on both the precious metals are approximately 2.50 percent. However, positive global cues supported the precious metal prices.
“The gold and silver prices declined on a firm US dollar. The cut in duty for gold and silver continue to weigh on gold prices, whereas silver witnessed profit-booking after a stellar rally,” said Jigar Trivedi, Fundamental Research Analyst at Anand Rathi.
International silver prices dropped nearly 2 percent on Tuesday, as investors locked in profits after the precious metal touched a near eight-year peak in the previous session, a Reuters report said.
Spot silver slipped 1.5 percent to $28.54 an ounce, after jumping 7.3 percent to hit its highest since February 2013 at $30.03 on Monday, as retail investors piled into the market following calls on social media in an attempt to push prices up.
Experts are of the view that the precious metals may remain volatile going ahead and any rise in prices can be used as a selling opportunity.
“On MCX, gold may find support at Rs 48,000-48,200 levels, while resistance is placed at Rs 48,500 level. Support for silver is seen at Rs 70,100-71,000 levels, while it may face resistance at Rs 73,000 level,” said Trivedi.
(Disclaimer
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