Gold Dips Below Rs 1.50 Lakh While Silver Rises on MCX
Gold and silver prices on the Multi Commodity Exchange (MCX) moved in opposite directions on Monday, reflecting fluctuations in the US dollar and ongoing geopolitical tensions. Gold futures for December delivery dropped nearly 1%, trading at Rs 1,49,184 per 10 grams, down Rs 1,206 from the previous close. The precious metal hit an intraday low of Rs 1,48,850, a decline of 1.02%, before recovering slightly. Analysts noted that the fall below Rs 1,50,000 has turned this level into an immediate resistance zone, with further resistance levels identified 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. The technical outlook remains cautious, with the Relative Strength Index (RSI) at 43 and the Moving Average Convergence Divergence (MACD) indicator in negative territory.
In contrast, silver futures for December delivery rose as much as 0.49%, reaching an intraday high of Rs 2,26,999 per kg. The white metal was trading at Rs 2,26,340 per kg, up Rs 463 from the previous close. Analysts highlighted that silver has managed to stay above the Rs 2,24,000 support zone, with immediate resistance seen at Rs 2,27,000-2,28,000 and further resistance at Rs 2,31,000-2,32,000. A sustained move above Rs 2,28,000 could support further recovery, while a break below Rs 2,24,000 may drag prices towards Rs 2,20,000. This divergence between gold and silver prices is also observed in international markets, where silver has been outperforming gold.
Geopolitical developments continue to influence bullion prices. US President Donald Trump's recent remarks about the choice between military action against Iran and reaching an agreement with Tehran have added to the uncertainty. Analysts suggest that gold needs 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.