Gold Dips Below Rs 1.50 Lakh as Silver Gains on MCX

Gold and silver prices on the Multi Commodity Exchange (MCX) moved in opposite directions on Monday, influenced by fluctuations in the US dollar and ongoing geopolitical tensions. December gold futures dropped nearly 1%, trading at Rs 1,49,184 per 10 grams, down from the previous close. The price fell as much as 1.02% to reach an intraday low of Rs 1,48,850, despite an earlier high of Rs 1,51,197. Analysts noted that the fall below Rs 1.50 lakh has made this level an immediate resistance zone, with further resistance seen at Rs 1,51,000-1,51,600 and Rs 1,52,500-1,53,000. Support levels are placed at Rs 1,48,000-1,47,300 and Rs 1,46,000-1,45,300.

In contrast, silver futures for December delivery rose as much as 0.49%, hitting an intraday high of Rs 2,26,999 per kg. The white metal was trading at Rs 2,26,340 per kg, up from the previous close. Analysts highlighted that silver has outperformed gold and maintained support above Rs 2,24,000. Immediate resistance for silver is seen at Rs 2,27,000-2,28,000, with further resistance at Rs 2,31,000-2,32,000.

The technical outlook for gold remains cautious, with the Relative Strength Index (RSI) at 43 and the Moving Average Convergence Divergence (MACD) indicator in negative territory. Analysts suggested that gold would need to sustain above Rs 1,50,000 to regain stability, while a break below Rs 1,48,000 could push prices towards Rs 1,46,000. Geopolitical developments, particularly US President Donald Trump's comments on potential military action against Iran, continue to impact bullion prices.