The dollar index rose 0.1% over its peers, making gold more expensive for holders of other currencies. The US economy is doing better, but “is not out of action yet,” Powell said on Monday.
Gold futures on the MCX fell 0.06% or Rs 27 to Rs 47,292 per 10 grams. Silver futures fell 0.19%, or Rs 137, to Rs 70,763 per kg.
The highest purity gold was sold at Rs 46,900 on the spot market, while silver was priced at Rs 68,475 on Friday, according to the Indian Jewelery and Jewelers Association.
“We expect gold prices to trade sideways throughout the day, with COMEX gold support at $ 1,770 and resistance at $ 1,800 per ounce. MCX Gold’s June support level is Rs 46,800 and resistance is Rs 47,600 per 10 grams, ”said Tapan Patel, senior analyst (commodities), HDFC Securities.
Spot gold fell 0.2% to $ 1,789.02 an ounce by 01.01 GMT. On Monday, the price of the metal peaked since February 25 – $ 1,797.75. US gold futures fell 0.2% to $ 1,788.80 an ounce.
Palladium rose 0.2% to $ 2,976.83 an ounce after a record high of $ 3,007.73 an ounce on Friday. Silver fell 0.5 percent to $ 26.74 an ounce, while platinum fell 0.1 percent to $ 1,228.94.