Tuesday’s bullion trade painted a tale of two metals in Mumbai, where gold extended its bullish run but silver stumbled significantly. Data from the India Bullion and Jewellers Association revealed 24-karat gold adding 1,021 rupees, closing at 1,59,241 rupees per 10 grams versus 1,58,220 rupees on Monday. This momentum carried across purities.
Specifically, 22-karat gold rose to 1,45,865 rupees per 10 grams from 1,44,930 rupees, while 18-karat reached 1,19,431 rupees from 1,18,665 rupees. The surge aligns with investors seeking stability amid economic headwinds.
Silver bucked the trend, plummeting 1,163 rupees to 2,62,912 rupees per kilogram, a retreat from 2,64,075 rupees. On MCX, sentiment soured further: gold’s April 2026 contract declined 0.97% to 1,60,037 rupees, and silver’s March 2026 shed 2.01% to 2,59,999 rupees.
Overseas, gold weakened 0.96% to 5,175 dollars per ounce, contrasting silver’s 1.07% rise to 87.49 dollars. Analyst Jatin Trivedi of LKP Securities highlighted MCX gold’s weak range trading and Comex resistance at 5,175 dollars.
Support levels hover at 1,58,000 rupees for gold, with resistance at 1,62,500 rupees. Trivedi warned of ongoing ups and downs due to global instability, advising market participants to monitor key data releases and geopolitical events closely. As the week unfolds, these trends could reshape investment strategies in precious metals.