Gold Prices Dipped Last Week Amid Market Volatility
Gold and silver prices dipped last week due to various market factors. The spot price of gold fell by 1.8% to $4,349.40 per ounce, while silver prices dropped by 2.6% to $64.50 per ounce.
In the domestic market, gold futures closed flat at ₹1,52,784 for 10 grams, whereas silver futures declined by 1.1% to ₹2,34,974 per kilogram on the Multi Commodity Exchange (MCX).
For MCX-Gold (Oct) futures, analysts expect a potential rally in the short-term, with prices surpassing the resistance at ₹1,57,000 and reaching ₹1,67,000. However, if the support at ₹1,50,000 is breached, the downtrend could extend to ₹1,44,000.
For MCX-Silver (Dec) futures, the analysts predict a rebound from the current level and touch ₹2,60,000 as long as the support at ₹2,30,000 holds well. If the contract falls below this support, the downtrend could gain momentum, dragging prices down to ₹2,25,000.