Gold and silver prices continued the volatility in the domestic futures market on Tuesday, September 29, as well. Yellow Metal declined to a level of Rs 1.46 lakh per 10 grams on the Multi Commodity Exchange (MCX).
MCX Silver fell to a level of Rs 2,24, 841 per kilogram. The rising US bond yields and elevated crude oil prices due to heightened tension in the Middle East.
MCX Gold Rate Today
In early trade, Gold futures, December delivery, dropped Rs 419 to 1,46,385 per 10 grams in a business turnover of 1,608 lots on Multi Commodity Exchange.
According to an analyst, the decline is attributed to precious metal prices and weaker spot demand. In contrast, in the international market, gold futures rose by 0.23 per cent to USD 4,125.32 per ounce in New York.
MCX Silver Price
Silver futures, December expiry, fell by Rs 2,601 to Rs 2,24,841 per kilogram in a business turnover of 1,684 lots on MCX. As per analysts, the sell-off by participants mainly weighed on silver prices.
In the international market, the white metal was trading 0.15 per cent down at USD 60.55 per ounce in New York.
Gold Price: Technical Outlook
“A firm US Dollar and rise in Bond yields will continue to pressure Gold prices, with higher Oil prices and Middle East tensions renewing inflation concerns. Key support levels would be at 148,380 – 147,950, respectively. On the other side, resistance would be at 149,500,” said Aamir Makda, Commodity & Currency Analyst, Technical Research, Choice Broking.
“MCX Gold opened with a gap-up and is trading near Rs 149,000, up 1.41 per cent on the day, rebounding after Monday’s sharp break below Rs 150,000, which now acts as an immediate resistance level. Immediate resistance is placed at Rs 150,000-Rs 150,700, followed by Rs 152,000-Rs 152,600. Immediate support is at Rs 148,000-Rs 147,300, followed by Rs 146,000-Rs 145,300,” Ponmudi R, CEO of Enrich Money.