₹50,270 per 10 gram, snapping a three-day gain, while silver rates declined 0.6% to ₹67,882 per kg. In the previous session, gold had surged 1.5% or ₹750 to ₹50,346 per 10 gram while silver jumped 3.5% or ₹2,300 per kg amid a slide in US dollar.
Analysts attribute the recent bounce in gold prices to progress in US stimulus talks and a weaker US dollar. MCX gold has support at ₹49620 and any dip below that level could trigger some correction, Geojit Financial said in a note.
Gold traders kept a close watch on the progress on stimulus talks. A bipartisan U.S. stimulus deal “appears to be close at hand," Senate Majority Leader Mitch McConnell said, but will probably require work over the weekend to get through Congress. "Gold has bounced back.