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Gold and silver struggled in Indian markets today, extending recent losses in the precious metals. Gold futures fell 0.16% to two-month lows of 47,375 per 10 gram on MCX while silver futures dropped 0.31% to 60,420 per kg. In Friday's session, gold had ended flat while silver rose 0.4%. The precious metal has fallen sharply from December highs of 48,700, hurt by rising US bond yields amid Fed's hawkish tone. 

“In MCX, Gold has support at 46800 and resistance at 49000. Silver has support at 58800 and resistance at 61000, " said Abhishek Chauhan , Head Commodity and Currency, Swastika Investmart.

In global markets, gold edged higher to $1,795 an ounce but was short of its January top at $1,831.

“Gold prices edged up from Friday lows after data showed US jobs growth was slower than expected last month even as the Federal Reserve signalled faster rate hikes, which sent bullion on track for a weekly fall. Technically spot gold is in now range of $1783 and $1810 and break of either side will fuel $20 to $30 movement, for the day if at the start of European session it takes support then we can witness $1798 - $1805 on higher side while $22.65 and $22.85 in spot silver," said Vidit Garg, director at MyGoldKart.

US treasury yields climbed across the board last week, sparked by Federal Reserve minutes signaling a willingness to start hiking rates as soon as March. Gold traders will be keenly watching US inflation data due this week as concerns grow the Fed is behind the curve in tackling elevated price pressures. Data released on Friday showed, US employers added fewer staff than expected in December, but wages rose more than forecast.

The Fed's hawkish shift has tended to benefit the US dollar and put pressure on gold. The dollar index was flat at 95.764, after falling 0.5% on Friday, but has support at 95.568. In Indian markets, gold had hit a record high of 56,200 in August 2020.

Meanwhile, the Sovereign Gold Bond Scheme 2021-22 - Series IX open for subscription from today. The issue price for the next tranche of Sovereign Gold Bond Scheme 2021-22, which will open for subscription for five days from Monday, has been fixed at 4,786 per gram, the RBI said on Friday. (With Agency Inputs)

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