1 day ago
Gold Falls Below Rs 1.5 Lakh as Silver Advances
Gold prices went down on Monday, while silver prices went up.
Gold started the day higher but later fell below Rs 1,50,000.
Silver rose modestly during the same trading session.
Both metals are traded in futures contracts on the Multi Commodity Exchange.
Analysts identified price levels where gold and silver might face resistance or find support.
They said gold needs to stay above Rs 1,50,000 to become more stable.
They also said a drop below Rs 1,48,000 could put further pressure on gold.
Changes in the US dollar and uncertainty about world events, including US-Iran tensions, were cited as market influences.
December gold futures on the Multi Commodity Exchange were at Rs 1,49,184 per 10 grams around 10 a.m., down Rs 1,206 or 0.8 per cent from the previous close.
Gold opened at Rs 1,51,197 before falling to an intraday low of Rs 1,48,850, a decline of 1.02 per cent from the previous close.
December silver futures traded at Rs 2,26,340 per kg, up Rs 463 or 0.2 per cent.
Analysts placed gold’s immediate resistance at Rs 1,50,000 and support at Rs 1,47,300 to Rs 1,48,000.
The article cited US dollar movements and geopolitical uncertainty, including US-Iran tensions, as influences on bullion prices.
- Who
- Gold and silver futures traders and analysts.
- What
- Gold futures fell while silver futures gained.
- Where
- On the Multi Commodity Exchange in India.
- When
- Monday; gold and silver prices were reported around 10 a.m.
- Why
- Changes in the US dollar and geopolitical uncertainty, including US-Iran tensions, influenced bullion prices.
Key facts
- Gold contract
- December futures; quoted per 10 grams.
- Gold price around 10 a.m.
- Rs 1,49,184, down Rs 1,206 or 0.8 per cent from the previous close.
- Gold intraday range
- Rs 1,48,850 low to Rs 1,51,197 high.
- Silver contract
- December futures; quoted per kg.
- Silver price reported
- Rs 2,26,340, up Rs 463 or 0.2 per cent.
- Gold support levels
- Rs 1,47,300–Rs 1,48,000, then Rs 1,45,300–Rs 1,46,000.
- Silver immediate resistance
- Rs 2,27,000–Rs 2,28,000.
Sources
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