Gold price edges lower to settle at Rs 48,702/10 gm, silver plunges by Rs 1,703 a kg Patel expects gold prices to trade sideways to down for the short term with COMEX spot gold having resistance near $1,870 per ounce and support at $1,800 per ounce. Mumbai / January 17, 2021 / 05:54 PM IST Gold prices slumped to Rs 48,702 per 10 gram on January 15 as participants increased their short position as seen by the open interest. The precious metal ended with a loss of Rs 116 or 0.24 percent for the week. The yellow metal slipped in three out of five trading sessions on the MCX. The bullion metal price was pressured by gains in dollar, rising bond yields, strong US Industrial Production, and rising inflation expectations.