Gold yesterday ended down in tandem with falling Crude oil prices, as safe-haven bids faded. Crude oil prices ended at 4898 rupees per BBL after touched weekly high level at 5021 rupees.
The war premium in the metals seems to have diminished as news that a possible ceasefire in Libya and the willingness to negotiate a settlement is putting pressure on the commodity market.
On Tuesday, Gold June delivery contact drop by 0.23 percent to 21270 rupees per kilogram. Amid falling metals and silver prices, Gold future remained under pressure in intraday trades.
Instant Support for Gold future seen to be at 21270 and below it may test 21250 rupees. Resistance is now likely to be seen at 21420, a move above could see prices testing 21470.