Gold Dips Over 1% in India While Silver Gains on Geopolitical Uncertainty
Gold prices in India dropped over 1% on Monday, while silver prices rose, reflecting mixed trends in the bullion market. On the Multi Commodity Exchange, December gold futures fell Rs 1,206, or 0.8%, to Rs 1,49,184 per 10 grams. The session's low reached Rs 1,48,850, marking a 1.02% decline from the previous close.
Gold had opened higher at Rs 1,51,197, up 0.53%, but failed to sustain gains, slipping below the Rs 1,50,000 level. Analysts identified key support at Rs 1,47,300 to Rs 1,48,000, with further support at Rs 1,45,300 to Rs 1,46,000. Resistance levels were noted at Rs 1,50,000, followed by Rs 1,51,000 to Rs 1,51,600, and Rs 1,52,500 to Rs 1,53,000.
Meanwhile, December silver futures climbed to an intraday high of Rs 2,26,999 per kg, up 0.49%, and traded at Rs 2,26,340, a 0.2% gain. Silver's stronger performance mirrored international trends. Resistance for silver was seen at Rs 2,27,000 to Rs 2,28,000, with potential recovery above Rs 2,28,000.
Geopolitical uncertainty, including US-Iran tensions, continued to influence bullion markets. Analysts noted that sustained gold levels above Rs 1,50,000 would be necessary for stabilization, while a fall below Rs 1,48,000 could push prices toward Rs 1,46,000.