Tuesday’s trading on the MCX witnessed gold and silver giving back some gains, courtesy of dollar strength and strategic profit booking by traders. Yet, with conflicts simmering worldwide, these metals retain solid medium-term prospects.
February gold settled 0.33% lower at ₹1,57,550/10g, while March silver shed 1.92% to ₹2,57,567/kg. Session lows saw silver breach ₹2,57,100 (down >2%) and gold touch ₹1,56,001 (-1.3%), followed by mild rebounds.
Dollar index climbed to 97.01, curbing overseas appetite. Anticipated Fed easing—two 25bps cuts—promises relief, as cheaper money favors gold and silver.
US warnings to vessels near Iran highlight persistent risks supporting prices. Comex trends show gold’s enduring uptrend, with dips seen as profit realization opportunities.
Comex silver holds firm at $65-70, a key support zone. On MCX, gold supports: ₹1,56,600/₹1,54,800; resistance: ₹1,59,100/₹1,60,000. Silver: supports ₹2,55,500/₹2,48,800; resistance ₹2,68,000/₹2,74,000.
Silver’s outlook shines on industrial demand and supply constraints; gold draws strength from safety bids and bank buying. Traders await US non-farm payrolls and inflation prints for Fed insights.