Gold Prices Soar on Declining Crude Oil Prices in Future Market

Gold and silver prices surged in the future market on Tuesday as investors regained interest due to declining crude oil prices. The gold futures contract, set to expire on October 5, reached an early high of Rs 1,43,788 per 10 grams, a gain of Rs 870 from the previous day's closing price of Rs 1,42,915 on the Multi Commodity Exchange (MCX). Silver futures also saw a significant increase, rising by over Rs 3,100 to touch a high of Rs 2,19,896 per kilogram from last week's closing price of Rs 2,16,746 on MCX.

The current prices show that MCX gold is trading at Rs 1,43,576, up Rs 661 or 0.46% from the previous day. Ponmudi R, CEO of Enrich Money, noted that 'MCX Gold opened on a steady note and is trading near the Rs 143,400 mark, up 0.32% on the day.' Immediate support for gold prices lies at Rs 143,000-142,600, while a break below Rs 142,000 could pull the price back towards Rs 141,000-140,600.

In contrast, immediate resistance for gold prices is at Rs 144,000-144,300, and a break above targets the next resistance at Rs 145,300-145,700. This development is part of an ongoing story and may be subject to change as more information becomes available.