Gold Dips After Initial Rise Silver Climbs on Global Market Strength

Gold and silver prices showed contrasting trends in the domestic market on October 5, even as global prices rose following weak jobs data. Gold futures on the Multi Commodity Exchange (MCX) initially opened higher but later declined by ₹965 from their peak, settling near ₹1,49,450 per 10 gram. In contrast, silver futures gained ₹923, trading at approximately ₹2,26,800 per kg.

Globally, gold futures on Comex opened at $4,169.40 per ounce and rose to $4,172.10 by the time of writing, marking a $9.80 increase. Silver futures also saw a gain of $1.16, trading near $61.57 per ounce. The global upward trend was attributed to weaker-than-expected jobs data, which typically boosts precious metals as safe-haven assets.

Despite the recent decline, gold had previously touched a high of ₹1,80,779 per 10 gram, while silver peaked at ₹4,20,048 per kg in the domestic market. On the international front, gold reached a high of $5,586.20 per ounce, and silver hit $121.79 per ounce earlier in the year.

Analyst Ajay Kedia from Kedia Advisory noted key support and resistance levels for both metals. Gold has support near ₹1,49,570, with a potential fall to ₹1,48,750 if this level is breached. On the upside, resistance is seen at ₹1,50,975, with a breakout potentially pushing prices to ₹1,51,560. For silver, support is at ₹2,24,295, and resistance lies at ₹2,27,175, with a potential rise to ₹2,28,475 if that level is surpassed.