Gold price falls sharply

NEW DELHI, Sept 23 (Reuters): Gold and silver rates fell sharply in Indian markets on Thursday, tracking a drop in international rates.

On MCX, gold futures were down 0.6 per cent to Rs 46,377 per 10 gram while silver rates slumped 1 per cent. In the previous session, gold had ended flat while silver surged 1.2 per cent. In global markets, gold rates today dropped after US Federal Reserve after its two-day meeting, which ended on Wednesday, signalled easing its monthly bond purchases.

Spot gold was down 0.3 per cent at $1,762.33 per ounce. The dollar index hovered near one-month high, diminishing gold's appeal for those holding other currencies.

Intraday support for MCX gold is near Rs 46,100 whereas resistance is seen near 46900, says SMC Global in a report.