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 gram of 22-carat gold is selling at Rs 49,600 after the price remain unchanged from yesterday’s close, according to the GoodReturns website. In Mumbai, Kolkata, and Hyderabad, 10 gram of 24-carat and 22-carat gold is selling at Rs 54,110 and Rs 49,600, respectively. In Delhi, 10 gram of 24-carat and 22-carat gold is currently selling at Rs 54,260 and Rs 49,750 respectively. In Chennai, ten gram 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.
