Gold and silver prices increased by 0.17% and 1%, respectively

Gold prices remained weak for the third straight session in Indian markets today. On Multi Commodity Exchange, gold futures increased by 0.17%. They settled at Rs 47,398 per 10 gram while silver futures boosted by 1% and touched Rs 69,000 per kg. Significantly, in the previous two sessions, the yellow metal had declined by approximately Rs 800 per 10 gram.

In international markets, gold declined after a rise in U.S. Treasury yields, which touched close to an 11-month high. Gold dropped by 0.2% and settled at $1,820 an ounce. Higher bond yields boost the opportunity cost of holding non-yielding assets like gold.

According to Geojit Financial, gold prices remain choppy inside $1,875-1,780 levels. Breaking any of the sides would suggest a fresh direction to the commodity. A direct decline below $1,780 a short-term bearish signal.

Technically, MCX April gold is below 47,500 and will resume its bearish momentum up to 47,100-46,900. Resistance is at 47,500-47,650.

March silver recovered from Rs 68,500 and could take prices to Rs 69,700-70,200 levels. Support stands at Rs 68,700-68,000 levels.

Furthermore, supporting gold surges expectations of further stimulus measures in the U.S. and optimism of higher demand from China and India.

Vaccine rollouts and U.S. government spending will help economic

Kodak securities also announced that gold might continue to be affected by the greenback trend, and we may witness some more correction if the dollar manages to strengthen.

Asian equity markets were firm today as investors are betting that coronavirus vaccine rollouts and U.S. government spending will boost the economic recovery,

Investors are also cheering positive GDP reports. Japan’s economy is expanding more than anticipated, and Singapore’s economy is contracting less than initially expected in the fourth quarter. Moreover, U.S. Treasury Secretary Janet Yellen spoke to her G7 counterparts last week and called for continued financial support to secure the economic rebound.

Among other precious metals, the white metal boosted by 0.4% and settled at $27.46 an ounce, while palladium surged 0.1% and touched $2,389.67.