Market Analysts Predict Softening Precious Metals Prices

Precious metals showed some resilience last week but at a smaller scale than in the previous week, according to market analysis. Gold and silver prices rose by 0.8% and 1.8%, respectively.

In the domestic market, gold futures (₹1,54,506/10 gm) increased by 1.8%, while silver futures (₹2,35,924/kg) gained 1.9%. MCX-Gold prices rose to a high of ₹1,55,835 last Wednesday but failed to break out of the barrier at ₹1,55,000.

Market analysts expect gold futures to decline due to strong resistance in the price band of ₹1,55,000-₹1,55,720. A drop in price could drag gold futures to ₹1,49,000 or even to ₹1,47,000.