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Gold Falls 1 Pc, Silver Trades Higher Amid Geopolitical Risks

Mumbai: Gold and silver showed mixed performance on Monday as the yellow metal fell 1 per cent, while silver gained amid movements in the US dollar and geopolitical uncertainty.

On the Multi Commodity Exchange, gold futures (December) were trading at Rs 1,49,184 per 10 grams at around 10 am, a decrease of Rs 1,206 or 0.8 per cent, from the previous close.

The yellow slipped as much as 1.02 per cent or Rs 1,540 to Rs 1,48,850, hitting an intraday low so far. It touched an intraday high of Rs 1,51,197, an increase of 0.53 per cent or Rs 807.

Meanwhile, silver futures (December) showed the opposite trend, jumping as much as 0.49 per cent or Rs 1,122 to hit an intraday high of Rs 2,26,999 on the commodity exchange.

At the last count, the white metal was trading at Rs 226,340 per kg, up Rs 463 or 0.2 per cent from the previous close.

Earlier in the day, gold and silver opened at Rs 1,51,197 and Rs 2,25,900, respectively.

Commodity Analysts said gold’s decline below Rs 150,000 has turned that level into an immediate resistance zone with resistance seen at Rs 151,000-151,600 and then Rs 152,500-153,000.

On the downside, support for gold is seen at Rs 148,000-147,300, followed by Rs 146,000-145,300.

The technical outlook for gold remains cautious with the Relative Strength Index at 43 and the Moving Average Convergence Divergence indicator in negative territory. Analysts said a sustained move above Rs 150,000 would be needed to stabilise the contract, while a break below Rs 148,000 could expose it to Rs 146,000.

Meanwhile, silver is outperforming gold and holding above the Rs 224,000 support zone. Analysts see immediate resistance at Rs 227,000-228,000, followed by Rs 231,000-232,000.

A sustained move above Rs 228,000 could strengthen silver’s recovery, while a break below Rs 224,000 could drag it towards Rs 220,000.

The divergence in domestic prices mirrors international markets, where silver has been outperforming gold.

Moreover, geopolitical developments remain a key factor for bullion markets.

US President Donald Trump last week said Washington faced a choice between further military action against Iran and reaching a deal with Tehran.

(IANS)

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