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Gold prices in India dipped today, extending losses to the second day though the drop was moderate amid firm global rates. On MCX, gold futures were down 0.04% to 48575 per 10 gram while silver fell 0.45% to 61,856 per kg.  In global markets, gold edged higher to regain $1,800 per ounce levels as concerns over the rapidly spreading Omicron coronavirus variant boosted the metal's safe-haven appeal. 

Asian share markets were lower today as fresh lockdowns in parts of Europe to stem the rapid spread of omicron are also unsettling investors. 

“Gold is expected to remain choppy with mild positive bias expected initially but a direct break above $1820 would take prices further higher. An unexpected drop below $1765 is a sign of weakness," domestic brokerage Geojit said in a note.

A setback for President Joe Biden’s economic agenda also weighed on the risk sentiment.  Traders were assessing the latest comments from US Senator Joe Manchin, who left Democrats with few options for reviving Biden’s agenda after rejecting the roughly $2 trillion tax-and-spending package. 

The US dollar index edged higher to hover near three-week high hit in the previous week.

Among other precious metals, spot silver was up 0.1% at $22.37 an ounce, while platinum shed 0.2% to $928.23.

For silver, “if the major support of $21.20 remains undisturbed expect recovery upticks in the counter. However, mild resistance is seen at $22.70," Geojit added.

Despite omicron concerns, gold is on track for for the first annual loss in three years as central banks reduce pandemic-era stimulus to fight inflation. Gold had hit a record high of 56,200 in August last year. 

In India, physical gold demand showed a modest improvement last week as some buyers rushed to stores anticipating a further rise in domestic prices, Reuters reported, citing jewellers. 

Dealers were offering discounts of up to $2 an ounce over official domestic prices. Gold rates include 10.75% import and 3% GST. (With Agency Inputs)

 

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