Gold Drops 1 Percent While Silver Rises on Geopolitical Risks

On September 29, gold and silver prices in India moved in opposite directions, reflecting broader market trends. Gold futures on the Multi Commodity Exchange (MCX) dropped nearly 1%, trading at ₹1,49,184 per 10 grams, down ₹1,206 from the previous close. The yellow metal hit an intraday low of ₹1,48,850, a decline of 1.02%, but earlier touched a high of ₹1,51,197.

Meanwhile, silver futures rose, reaching an intraday high of ₹2,26,999 per kg, up 0.49%. At the last count, silver was trading at ₹2,26,340 per kg, up 0.2% from the previous close.

Analysts noted that gold's fall below ₹1,50,000 has turned this level into an immediate resistance zone. Support for gold is seen at ₹1,48,000-₹1,47,300, with further downside risk to ₹1,46,000-₹1,45,300. The technical outlook remains cautious, with the RSI at 43 and the MACD in negative territory.

Silver, however, continued to outperform gold, staying above the ₹2,24,000 support zone. Immediate resistance for silver is seen at ₹2,27,000-₹2,28,000, with potential for further gains if it moves above ₹2,28,000. A break below ₹2,24,000 could push prices towards ₹2,20,000.

Geopolitical risks, particularly developments in the Middle East, remain a key factor influencing bullion markets. Investors are also watching the US dollar's movements, as both elements could impact gold and silver prices in the near term.