Gold prices witnessed a drop of Rs 380 in early trade on Tuesday with ten grams of yellow metal (24-carat) trading at Rs 54,110. Silver prices, on the other hand, witnessed a jump of Rs 200 and is selling at Rs 69,500 per kg.
Ten grams of 22-carat gold is selling at Rs 49,600 after the price remain unchanged from yesterday's close, according to the GoodReturns website.
Citywide breakdown
In Mumbai, Kolkata, and Hyderabad, 10 grams of 24-carat and 22-carat gold is selling at Rs 54,110 and Rs 49,600, respectively.
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In Delhi, 10 grams of 24-carat and 22-carat gold is currently selling at Rs 54,260 and Rs 49,750 respectively.
In Chennai, ten grams of 24-carat and 22-carat gold is trading at Rs 55,190 and Rs 50,730 respectively.
Spot gold may retest a support at $1,776 per ounce, a break below which could open the way towards $1,731-$1,748 range.
The metal has fallen below A rising wedge, which has been confirmed as a top pattern. Even though the wedge does not suggest a target, it does indicate a reversal of the short uptrend from $1,615.59.
A break above $1,803 could lead to a gain into $1,820-$1,847 range.
In Delhi, Mumbai, and Kolkata, one kg of silver is currently trading at Rs 69,300, whereas, 1 kg of silver is selling at Rs 73,100 in Chennai.
Spot silver was flat at $22.94, platinum rose 0.1% to $981.00 and palladium slipped 0.2% to $1,665.26.
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