Gold and silver prices saw an uptick on Monday, with gold futures on the Multi Commodity Exchange (MCX) rising by 0.42% to Rs 1,47,818 per 10 grams. The yellow metal hit an intraday high of Rs 1,47,987 and a low of Rs 1,45,110 during the session. Silver futures were also up, trading at Rs 2,35,324 per kg, showing a 0.92% increase from the previous close.
In international markets, COMEX silver was trading lower at $65.63 per ounce, while COMEX gold declined to $4,198.80 per ounce. Market experts attributed the rise in gold prices to progress in US-Iran peace talks, despite the US dollar remaining strong. Analysts mentioned that MCX Gold maintains a somewhat bearish structure, with support levels at Rs 1,44,250-Rs 1,42,800 and resistance at Rs 1,49,750 and Rs 1,51,100.
Experts also noted that silver, although volatile, is under pressure. Key support levels for silver are around Rs 2,31,400-Rs 2,28,150, with resistance at Rs 2,41,000-Rs 2,44,900. The gold-silver ratio currently stands at 63.6:1, indicating silver’s underperformance compared to gold in the current market scenario. On the energy front, Brent crude fell over 2% to about $79 per barrel, while US West Texas Intermediate (WTI) crude dropped by 3% to around $75 per barrel.
