Gold and silver prices moved in mixed territory on MCX on Friday morning as investors booked profits after recent record highs.
MCX gold February contracts were up marginally by 0.10% at ₹1,32,599 per 10 grams around 9:10 am. Meanwhile, MCX silver March contracts dipped 0.50% to ₹1,97,951 per kg at the same time.
The modest movements came after a strong rally in the previous session, where:
- MCX gold February futures settled at ₹1,32,469 per 10 grams, gaining 2%.
- MCX silver hit a record high of ₹1,98,814 per kg and closed 5.33% higher at ₹1,98,799.
Global Cues Driving Precious Metals
The US Federal Reserve’s recent 25 basis points rate cut provided support to precious metals. Investors reacted positively to the Fed signaling a potential additional rate reduction next year.
- The dollar index slipped to 98.30, making gold cheaper for international buyers and boosting demand.
- A weaker rupee against the US dollar also supported gold prices in India, keeping domestic investors attentive to market movements.
Key Levels for Gold and Silver
Both metals are expected to show volatility due to fluctuations in the dollar index and upcoming US economic data, such as inflation and non-farm payrolls. Current support and resistance levels are:
Gold (INR)
- Support: ₹1,31,660 and ₹1,31,000 per 10 grams
- Resistance: ₹1,33,300 and ₹1,34,000 per 10 grams
Silver (INR)
- Support: ₹1,96,600 and ₹1,94,400 per kg
- Resistance: ₹2,00,000 and ₹2,04,000 per kg
In USD per troy ounce, gold has support at $4,264 and $4,220, with resistance at $4,355 and $4,400. Silver’s support lies at $63.50 and $62.40, while resistance stands at $65 and $67.40.
Market Sentiment
Investors are closely watching international cues and domestic currency movements. While gold remains slightly bullish, silver’s small correction indicates a cautious market mood.
Both metals continue to attract attention from traders seeking to hedge against global financial volatility and currency fluctuations.
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