Gold Dips 1% While Silver Rises on Geopolitical Uncertainty
Gold and silver prices moved in opposite directions on Monday, as geopolitical tensions and fluctuations in the US dollar influenced market sentiment. On the Multi Commodity Exchange, gold futures for December delivery dropped by 0.8%, trading at Rs 1,49,184 per 10 grams. The yellow metal hit an intraday low of Rs 1,48,850, a decline of 1.02%, before recovering slightly to an intraday high of Rs 1,51,197.
In contrast, silver futures for December rose by 0.2%, reaching Rs 226,340 per kg. The white metal also touched an intraday high of Rs 2,26,999, reflecting a gain of 0.49%. Analysts noted that silver has been outperforming gold in domestic markets, mirroring trends in international markets.
Technical analysts highlighted key resistance and support levels for both metals. For gold, resistance is seen at Rs 151,000-151,600 and Rs 152,500-153,000, while support lies at Rs 148,000-147,300 and Rs 146,000-145,300. The Relative Strength Index for gold stands at 43, with the Moving Average Convergence Divergence indicator in negative territory. A sustained move above Rs 150,000 could stabilize gold, while a break below Rs 148,000 might expose it to further declines.
Silver, meanwhile, is holding above the Rs 224,000 support zone, with resistance at Rs 227,000-228,000 and Rs 231,000-232,000. Analysts suggest that a break above Rs 228,000 could strengthen silver's recovery, while a fall below Rs 224,000 could push it toward Rs 220,000. Geopolitical developments, particularly involving US-Iran relations, remain a significant factor influencing bullion markets.