Gold and silver prices continued their downward trend for a second day on Tuesday, with both precious metals dropping by up to 2% due to global market weakness. On the Multi Commodity Exchange (MCX), gold futures for August 5 opened slightly lower at Rs 1,46,566 per 10 grams, down 0.23% from the previous close. The selling pressure intensified, causing gold to fall to Rs 1,45,662 by midday.
Silver futures for September 4 also faced pressure, declining by as much as 2.24% to reach an intraday low of Rs 2,30,803 per kg. The white metal opened lower at Rs 2,34,100 and was trading at Rs 2,32,549, down 1.50% from the previous close. International markets mirrored this weakness, with COMEX gold down 0.63% at $1,741 per ounce and silver down 1.46% at $61.41 per ounce.
Market experts suggest a mildly negative outlook for gold in the near term. For gold to gain momentum, it needs to surpass the Rs 1,46,500-Rs 1,47,000 resistance zone and move towards Rs 1,48,000. Immediate support is expected around Rs 1,45,500-Rs 1,45,000. As for silver, a breach below Rs 2,32,000 could lead to further losses, while surpassing the Rs 2,35,000-Rs 2,36,000 resistance zone may signal a recovery towards Rs 2,38,000-Rs 2,39,000.
Moreover, crude oil prices showed an upward trend, with Brent crude rising by about 1% to $72.77 a barrel and US West Texas Intermediate (WTI) crude gaining 1.12% to $69.32 a barrel, staying below the $70 mark.
