Gold Dips Over 1% While Silver Rises Amid Mixed Bullion Trends

Gold prices in Mumbai dropped over 1% on Monday, falling to Rs 1,48,850 per 10 grams, while silver saw gains as bullion markets displayed mixed trends. December gold futures on the Multi Commodity Exchange opened higher at Rs 1,51,197 but quickly reversed course, slipping to their lowest level of the session at Rs 1,48,850, marking a 1.02% decline from the previous close.

In contrast, December silver futures climbed to an intraday high of Rs 2,26,999, gaining 0.49% before settling at Rs 2,26,340, up 0.2% from the previous session. Analysts noted that silver's stronger performance mirrored similar trends in international markets.

For gold, immediate resistance was identified at Rs 1,50,000, with further levels at Rs 1,51,000 to Rs 1,51,600 and Rs 1,52,500 to Rs 1,53,000. Support levels were placed at Rs 1,47,300 to Rs 1,48,000 and Rs 1,45,300 to Rs 1,46,000. Analysts warned that a fall below Rs 1,48,000 could push prices toward Rs 1,46,000.

Silver's immediate resistance was seen at Rs 2,27,000 to Rs 2,28,000, with further resistance at Rs 2,31,000 to Rs 2,32,000. A sustained rise above Rs 2,28,000 could support recovery, while a drop below Rs 2,24,000 might push prices toward Rs 2,20,000. Geopolitical uncertainty, particularly tensions between the US and Iran, remained a key factor influencing both metals.