Gold Futures Soar as Precious Metals See Significant Gains

Precious metals saw significant gains last week, with gold rising by 7.3% to $4,342/ounce and silver surging 10.3% to $63.90/ounce.

In the domestic market, gold futures (₹1,51,820/10 gm) were up 5.9%, while silver futures (₹2,31,466/kg) gained 6.6%

The MCX-Gold contract broke out of a resistance at ₹1,47,000 and is now trading above both its 21- and 50-day moving averages.

Analysts believe the short-term outlook for gold futures appears positive, with a potential rise to ₹1,58,000. However, a minor correction in price to ₹1,49,000 is possible before this uptick.

If gold futures decline and breach the resistance-turned-support at ₹1,47,000, it can extend the downswing to ₹1,43,000.