Mumbai, Oct. 5: Gold prices declined nearly 1 per cent in domestic futures trading on Monday, while silver moved higher as bullion markets reacted to movements in the US dollar and continuing geopolitical uncertainty.
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On the Multi Commodity Exchange (MCX), December gold futures were trading at ₹1,49,184 per 10 grams around 10 am, down ₹1,206, or 0.8 per cent, from the previous close.
Gold had earlier slipped as much as 1.02 per cent to ₹1,48,850. The contract touched an intraday high of ₹1,51,197 before easing.
Silver Moves Higher
Silver futures bucked the trend, with the December contract gaining as much as 0.49 per cent to reach an intraday high of ₹2,26,999 per kg.
The white metal was later trading at around ₹2,26,340 per kg, up ₹463, or 0.2 per cent, from the previous close. Silver had opened at ₹2,25,900, while gold began the session at ₹1,51,197.
Gold Faces Key Resistance
Commodity analysts said gold’s fall below the ₹1.50 lakh level has turned the mark into an immediate resistance zone.
Resistance is seen around ₹1,51,000-₹1,51,600, followed by ₹1,52,500-₹1,53,000. On the downside, support is expected around ₹1,48,000-₹1,47,300, followed by ₹1,46,000-₹1,45,300.
Analysts said the technical outlook remains cautious, with the Relative Strength Index (RSI) at 43 and the Moving Average Convergence Divergence (MACD) indicator in negative territory.
A sustained move above ₹1.50 lakh could help stabilise gold, while a break below ₹1,48,000 may expose the contract to further downside towards ₹1,46,000.
Silver Outperforms Gold
Silver has continued to show relative strength, holding above the ₹2,24,000 support zone.
Analysts have placed immediate resistance at ₹2,27,000-₹2,28,000, followed by ₹2,31,000-₹2,32,000. A sustained rise above ₹2,28,000 could support further recovery, while a fall below ₹2,24,000 may pull prices towards ₹2,20,000.
The contrasting movement in domestic prices reflects a similar trend in international bullion markets, where silver has recently outperformed gold.
Geopolitical Developments in Focus
Global geopolitical developments remain an important driver for precious-metal prices.
US President Donald Trump recently said Washington faced a choice between further military action against Iran and reaching an agreement with Tehran, adding another layer of uncertainty for global markets.
Investors are therefore closely tracking currency movements and geopolitical developments for further direction in bullion prices.