Precious Metals Soften: Gold and Silver Prices Dip

The prices of gold and silver softened last week, with gold dropping 0.2% to $4,045/ounce and silver falling 1% to $57.60/ounce.

In India's domestic market, gold futures (₹1,43,376/10 gm) decreased by 0.6%, while silver futures (₹2,17,198/kg) lost 2.2%.

MCX-Gold futures have been trading in a narrow band of ₹1,42,500-1,45,000 over the past week and appear to have formed a new base at ₹1,41,000.

If gold futures move up from this support level, it can rise to ₹1,47,500 or even ₹1,50,000. However, if the support is breached, the contract could fall to ₹1,34,000.