Gold and Silver Prices Plummet Amid Bearish Outlook

The price of precious metals saw a decline in the last week, with gold and silver experiencing significant losses.

Globally, gold dropped by 3.4% to $4,141 per ounce, while silver plummeted by 6.1% to $60.40 per ounce.

In the domestic market, gold futures fell 1.9%, and silver futures declined 3.8%. The MCX-Gold (₹1,50,390) contract opened with a gap-down last Monday, but has largely remained flat since then.

The bias remains bearish for gold, with the nearest support level at ₹1,44,000. If gold fails to breach this level, it may continue its decline, potentially reaching ₹1,56,000.