Gold Prices Today: Analysts expect yellow metal to remain under pressure, support around Rs 50,330-50,110

Gold Prices Today: Analysts expect yellow metal to remain under pressure, support around Rs 50,330-50,110

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Gold prices eased on Wednesday in international markets to a three-month low as an elevated dollar continued to pressure bullion while investors awaited monthly US inflation data which could impact the Federal Reserve's monetary policy stance. Spot gold was down 0.3% at $1,832.06 per ounce as of 0046 GMT. US gold futures fell 0.5% to $1,832.10.

At 9:32 am, gold contracts were down 0.46 percent at Rs 50,351 for 10 gram on the Multi-Commodity Exchange (MCX), while silver shed 0.52 percent at Rs 60,300 a kilogram.

Gold prices traded steady on Wednesday with spot gold prices at COMEX near $1839 per ounce in morning trade. Gold prices witnessed selloff on Tuesday as stronger dollar lowered demand for the yellow metal. The dollar index was trading near two decade highs ahead of key US inflation data. Gold prices are hovering near the support zone of $1830-1810 and we may see some accumulation near this range in the short term, said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.

"We expect gold prices to trade sideways to down for the day with COMEX spot gold support at $1810 and resistance at $1850 per ounce. MCX Gold June support lies at Rs 50300