Gold Prices Rise as MCX-Gold Futures Rally Above Support Level

Gold and silver prices have seen an uptick in recent days, with gold rising 0.7% to $4,378.40 per ounce and silver increasing by 2.7% to $66.30 per ounce.

In the domestic market, gold futures rose 1% to ₹1,54,381 per 10 grams, while silver futures surged 2.8% to ₹2,41,603 per kilogram.

The MCX-Gold (Oct) futures contract saw a significant rally after opening flat and remaining stagnant for the first couple of sessions, eventually surpassing the support level at ₹1,50,000.

Analysts predict that gold futures will continue to rise, with a potential target of ₹1,67,000 in the near term. However, if bears gain strength and drag the contract below ₹1,50,000, the outlook could turn bearish, leading to a fall to ₹1,44,000 or even ₹1,40,000.

The MCX-Silver (Dec) futures contract also rallied on the back of support at ₹2,30,000 and is expected to surpass the resistance level at ₹2,45,000, potentially extending its upswing to ₹2,60,000. However, if it declines below ₹2,30,000, a deeper fall to ₹2,18,500 could occur.

The current price action suggests that buyers are entering between ₹2,30,000 and ₹2,31,500 for silver futures, while gold futures retain long positions with stop-losses at ₹1,49,000 and ₹1,55,000.