Gold and Silver Prices Decline, But Analysts See Rebound Ahead

Precious metals gold and silver experienced a decline last week, snapping a three-week rally. Gold prices fell to $4,455 per ounce, down 3.2 percent from previous levels, while silver dropped to $66.40 per ounce, down 3.8 percent.

The domestic market also saw a decline in gold futures and silver futures, with gold losing 3.8 percent and silver down 4.4 percent. The MCX-Gold contract had rallied on Monday and reached a three-month high of ₹1,64,773, but failed to add further gains.

Despite the decline, analysts expect gold futures to rebound based on key support levels at ₹1,55,000 and ₹1,53,000. The 21-day moving average lies within this price band, making it a notable support for the uptrend that has been in place since early August.