Gold Dips After Strong Start While Silver Climbs Higher

Gold and silver prices displayed mixed movements in domestic markets on Monday, October 5, while both metals gained strength globally. On the Multi Commodity Exchange (MCX), the benchmark December gold contract opened ₹807 higher at ₹1,51,197 per 10 gram but later fell ₹965 to trade at ₹1,49,425. In contrast, silver futures opened ₹23 higher at ₹2,25,900 per kg and continued to rise, gaining ₹923 to reach ₹2,26,800 per kg.

Globally, gold futures on Comex opened at $4,169.40 per ounce and were trading $9.80 higher at $4,172.10 per ounce. Silver futures on Comex opened at $60.70 per ounce and rose $1.16 to trade at $61.57 per ounce. The weak jobs data provided support to gold and silver in the international market.

According to Ajay Kedia, director of Kedia Advisory, gold has support near ₹1,49,570. A sustained fall below this level could take prices towards ₹1,48,750. On the upside, resistance is seen near ₹1,50,975, with a decisive move above this level potentially pushing gold towards ₹1,51,560. For silver, support is near ₹2,24,295, with a fall below this level possibly taking prices towards ₹2,22,715. Resistance is seen at ₹2,27,175, with a sustained move above this level potentially taking silver towards ₹2,28,475.