Gold Drops Below Rs 1.50 Lakh as Silver Gains Strength
Gold prices in India dropped below the Rs 1.50 lakh mark on Monday, while silver showed resilience amid global uncertainties. On the Multi Commodity Exchange (MCX), December gold futures fell by Rs 1,206, or 0.8%, to trade at Rs 1,49,184 per 10 grams. The price hit a low of Rs 1,48,850 during the session, after a 1.02% decline, and had earlier peaked at Rs 1,51,197.
Silver, however, demonstrated strength, with December futures climbing to an intraday high of Rs 2,26,999 per kg, up 0.49%. The contract later traded at Rs 2,26,340 per kg, gaining 0.2%. This shift highlights a preference for silver over gold in the precious-metals segment.
Analysts noted that gold’s fall below Rs 1.50 lakh has turned this level into a resistance zone. Key resistance levels are identified at Rs 1,51,000-Rs 1,51,600 and Rs 1,52,500-Rs 1,53,000, while support is seen around Rs 1,48,000-Rs 1,47,300, with stronger support near Rs 1,46,000-Rs 1,45,300. Technical indicators suggest a cautious near-term outlook for gold.
Silver remains above the Rs 2.24 lakh support zone, with immediate resistance around Rs 2.27 lakh-Rs 2.28 lakh and further resistance at Rs 2.31 lakh-Rs 2.32 lakh. The metal’s stronger performance is also evident in international markets, where it has recently outperformed gold.
Geopolitical developments, particularly involving the United States and Iran, continue to influence bullion prices. Investors are closely monitoring the US dollar, global interest-rate expectations, and geopolitical risks, which are key factors in determining the direction of gold and silver prices.