Gold prices in India eased on August 27, tracking a muted trend in the international spot prices as investors waited for Federal Reserve Chairman Jerome Powell's address an important annual conference later in the day.
On the Multi-Commodity Exchange (MCX), October gold contracts were trading lower by 0.13 percent at Rs 51,710 per 10 gram at 0920 hours. September silver futures were trading at Rs 66,975 per kg, down 0.8 percent.
The dollar index fell to a near one-week low against its rivals, making gold less expensive for holders of other currencies.
Experts are of the view that gold and silver will likely remain volatile but strong support for the yellow metal is placed at Rs 51,000.
Gold and silver prices showed extreme volatility on August 26. Gold gained 1.77 percent and settled at $1957.05 per troy ounce and silver gained 4.53 percent to end at $27.46 per troy ounce.
On MCX, gold gained around 2 percent to settle at 51,800 levels, silver was up 5.50 percent at around 67,500 levels.
Silver has support at $26.90 per troy ounce on a closing basis and resistance at $27.80-28.20. On MCX, silver support is at Rs 66,200 on a closing basis and resistance at Rs 68,500-69,200, he said.
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