Gold Dips 1% in India While Silver Rises on Geopolitical Uncertainty
Gold prices in India dropped nearly 1% on Monday, while silver prices rose amid global uncertainty. On the Multi Commodity Exchange (MCX), December gold futures fell by ₹1,206, or 0.8%, to trade at ₹1,49,184 per 10 grams. Earlier in the session, gold hit an intraday low of ₹1,48,850 before recovering slightly. Meanwhile, silver futures gained 0.49% to reach an intraday high of ₹2,26,999 per kg, later settling around ₹2,26,340 per kg, up 0.2% from the previous close.
Analysts noted that gold’s decline below the ₹1.50 lakh level has turned that mark into a key resistance zone. They identified resistance at ₹1,51,000, ₹1,51,600 and ₹1,52,500, ₹1,53,000, with support expected around ₹1,48,000, ₹1,47,300 and ₹1,46,000, ₹1,45,300. The technical outlook remains cautious, with the Relative Strength Index (RSI) at 43 and the Moving Average Convergence Divergence (MACD) indicator in negative territory.
Silver, however, has shown relative strength, holding above the ₹2,24,000 support zone. Immediate resistance for silver is seen at ₹2,27,000, ₹2,28,000, followed by ₹2,31,000, ₹2,32,000. A sustained rise above ₹2,28,000 could support further recovery, while a fall below ₹2,24,000 may push prices toward ₹2,20,000. The contrasting movement reflects a similar trend in international markets, where silver has recently outperformed gold.
Geopolitical developments remain a key driver for precious-metal prices. US President Donald Trump’s recent remarks on potential military action against Iran have added another layer of uncertainty for global markets. Investors are closely monitoring currency movements and geopolitical developments for further direction in bullion prices.