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Precious metals witnessed a dip in domestic futures trading on Monday, ahead of anticipated US–Russia talks on the war in Ukraine. On the Multi Commodity Exchange (MCX), gold futures (October 3 delivery) fell 1.15 per cent from the previous close of Rs 1.01 lakh per gram, hitting an intraday low of Rs 1 lakh per gram. Silver futures (September 5 delivery) declined almost 1 per cent to Rs 1.13,759 per kilogram, down by Rs 1,122 from the previous close.
What should investors/traders do now?
Manoj Jain, Director and Head of Commodity & Currency Research at Prithvi Finmart, noted that gold and silver prices had extended gains last week amid US trade tariff uncertainty and profit-taking in the dollar index. He added that gold prices recently reached lifetime highs in the international market, closing at record levels, while silver crossed $38.50 per troy ounce.
According to Jain, safe-haven demand from central banks and global uncertainty have been supporting bullion prices.
The yellow metal has broken above its resistance level of $3,454 per troy ounce and could rise toward $3,509–$3,540 if it sustains above that level, he said. Silver, having moved past $38.10 per troy ounce, could extend gains toward $39.40–$40.00 per troy ounce.
For the week, he expects gold to trade in the range of $3,410–$3,540 per troy ounce and silver in the range of $36.80–$40.00 per troy ounce, with volatility likely due to tariff uncertainty and fluctuations in the dollar index.
On the MCX, Jain identified gold support at Rs 1,01,000–Rs 1,00,575 and resistance at Rs 1,02,220–Rs 1,02,850, while silver has support at Rs 1,13,650–Rs 1,12,800 and resistance at Rs 1,15,500–Rs 1,16,650. He suggested buying silver on dips around Rs 1,14,000 with a stop loss of Rs 1,12,800 for a target of Rs 1,16,000.
(This story will be updated soon.)
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