Gold Drops Over 1 Per Cent To Rs 1,48,850, Silver Gains As Bullion Markets Show Mixed Trends

Mumbai: Gold prices fell while silver moved higher in trade on Monday, as changes in the US dollar and geopolitical uncertainty influenced the bullion market.

On the Multi Commodity Exchange, December gold futures traded at Rs 1,49,184 per 10 grams around 10 am, down Rs 1,206, or 0.8 per cent, from the previous close.

Gold Prices Retreat After Higher Opening

Gold opened at Rs 1,51,197, which also marked its intraday high, up Rs 807, or 0.53 per cent.

However, the contract later dropped to Rs 1,48,850, its lowest level so far during the session. At that point, gold was down Rs 1,540, or 1.02 per cent.

The movement showed that the metal failed to hold its early gains and slipped below the Rs 1,50,000 level.

Silver Prices Hold Gains

December silver futures opened at Rs 2,25,900 per kg and climbed to an intraday high of Rs 2,26,999. This represented a gain of Rs 1,122, or 0.49 per cent.

At the reading, silver traded at Rs 2,26,340 per kg, rising Rs 463, or 0.2 per cent.

Analysts said silver’s stronger performance compared with gold reflected a similar trend in international bullion markets.

Gold Support And Resistance Levels

Analysts identified Rs 1,50,000 as immediate resistance for gold. Further resistance lies at Rs 1,51,000 to Rs 1,51,600, followed by Rs 1,52,500 to Rs 1,53,000.

Support is placed at Rs 1,47,300 to Rs 1,48,000, followed by Rs 1,45,300 to Rs 1,46,000.

They said gold needs to sustain levels above Rs 1,50,000 to stabilise. A fall below Rs 1,48,000 could bring Rs 1,46,000 into focus.

Silver Outlook And Geopolitical Risks

Silver’s immediate resistance stands at Rs 2,27,000 to Rs 2,28,000, followed by Rs 2,31,000 to Rs 2,32,000.

A sustained rise above Rs 2,28,000 could support recovery. However, slipping below Rs 2,24,000 could take prices towards Rs 2,20,000.

Geopolitical uncertainty, including tensions between the US and Iran, remains a key influence on gold and silver prices.