Gold December futures at the Multi Commodity Exchange (MCX) opened flat at Rs 75,980 per 10 grams, down 0.09% or Rs 66. Meanwhile, silver December futures were trading at Rs 90,715 per kilogram, reflecting a slight decline of 0.02% or Rs 21. Over the past week, gold prices have risen by Rs 800 per 10 grams, while silver has surged by Rs 2,000 per kilogram.
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On Monday, both gold and silver settled lower in domestic and international markets. The gold December futures contract closed at Rs 76,046 per 10 grams, down 0.34%, and the silver December contract settled at Rs 90,736 per kilogram, losing 1.04%. The recent gains in precious metals were unable to be sustained as profit-taking occurred amidst a strengthening dollar index and disappointing economic data from China.
The dollar index hit a nine-week high, contributing to the downward pressure on gold and silver prices. Additionally, U.S. 10-year bond yields remained above the 4.0% mark, further influencing the decline in these metals. Recent economic data from China fell short of market expectations, casting a bearish outlook on demand for precious metals.
Check Today’s Silver Rate in India Here!
Despite the Chinese Finance Minister’s comments regarding economic stimulus, the lack of specific measures led to negative market sentiment. Today, the U.S. Dollar Index (DXY) was around 103.24, down 0.06%.
Crude oil prices also faced a decline following OPEC+ lowering demand projections, coinciding with gains in U.S. equity markets. The prevailing risk aversion in the market contributed to the profit-taking in precious metals.
At MCX, gold is supported at levels of Rs 75,800 to Rs 75,550, with resistance noted between Rs 76,300 and Rs 76,620. For silver, support is expected at Rs 90,000 to Rs 89,350, while resistance is anticipated between Rs 91,400 and Rs 92,200.
