Gold and Silver Prices Plummet Globally Amid Bearish Trends

The prices of gold and silver have seen a decline over the last week. Gold is currently trading at $4,141 per ounce, down 3.4 percent from its previous price. Silver, on the other hand, has fallen by 6.1 percent to $60.40 per ounce.

In India's domestic market, gold futures have dropped 1.9 percent, while silver futures are down 3.8 percent. This decline is relatively lower in the Indian market due to it being closed on Friday. However, globally, both gold and silver extended their fall, posting a bigger loss.

The MCX-Gold futures contract has remained largely flat after opening lower last Monday. It oscillated between ₹1,48,000 and ₹1,51,000 but is still expected to see a decline as long as it stays below ₹1,52,000, a support-turned-resistance level.

For silver futures, the contract breached its support at ₹2,30,000 early last week. This indicates a weak trend, and further decline from the current level is highly likely. The nearest support for silver futures is at ₹2,19,000, which is an important base.