Gold prices continued to remain weak in Indian markets, as firmer US bond yields put pressure on the precious metal. On MCX, gold futures were down 0.1% to near two-month low of ₹47,425 per 10 gram. Silver rates also struggled at ₹60,304 per kg, down 0.2% on MCX.
In global markets, spot gold struggled at $1,789.60 per ounce after two straight sessions of falls, putting it on course for a weekly drop of over 2%. Benchmark U.S. 10-year Treasury yields steadied near their strongest level since March 2021 as traders anticipated a faster-than-expected rate hike from the US Federal Reserve.