Gold and silver prices saw an increase on Monday, with gold futures on the Multi Commodity Exchange (MCX) trading higher by 0.36% at Rs 1,59,245. The yellow metal reached an intraday high of Rs 1,59,500, marking a gain of 0.51% from the previous close.
Silver futures on the MCX also surged, rising nearly 2% to hit an intraday high of Rs 2,77,245. Currently, silver is trading at Rs 2,76,427, up 1.7% from earlier. The white metal had opened at Rs 2,76,683 on the commodity exchange.
Market experts suggest that MCX gold is maintaining levels above Rs 1,59,000 with a cautious-to-mildly positive bias. They anticipate immediate resistance in the Rs 1,59,500-Rs 1,60,000 range, with support around Rs 1,58,000-Rs 1,57,500 levels.
Furthermore, MCX silver is holding firm above Rs 2,76,000 amidst volatility. Experts predict that a sustained move above Rs 2,77,000 could lead to further recovery towards the Rs 2,79,000-Rs 2,80,000 zone, with support near Rs 2,73,000.
In the global market, precious metals also traded higher, with COMEX gold up 0.75% at $4,557.30 per ounce and COMEX silver over 2% higher at $78.015. Meanwhile, international crude oil prices saw a decline, with Brent crude falling 6% to $97.16 a barrel and US West Texas Intermediate (WTI) crude dropping over 6% to $90.33.
