Gold and silver prices rose in India amid a weaker U.S. dollar and renewed spot demand. MCX gold touched ₹1,21,708 per 10 grams, while silver hit ₹1,49,307 per kg.
Driven by a weaker U.S. dollar and robust spot-market demand, domestic gold futures rose on Monday. Analysts highlighted important technical levels for bullion and silver.
December gold contracts on the Multi-Commodity Exchange of India
Analysts offered resistance and support projections to guide traders in defining possible price changes. Recently the fed rate cut expectations propel gold soars above $3,900
Silver’s support lies at around $47.40-48.00 per ounce, with resistance at $48.84-49.50; in rupees, silver support and resistance are expected at ~₹1,45,500–₹1,47,000 and ~₹1,50,000–₹1,51,500 respectively. One suggestion emphasized a trading strategy by buying gold on dips at about ₹1,20,400 with a stop-loss at ~₹1,19,350 and a target of around ~₹1,22,000. For silver, buying between ₹1,47,000 and ₹1,46,000, aiming for targets close to ₹1,50,000–₹1,51,500, a stop-loss of almost ₹1,44,400 was recommended.
Although the present tone is favorable, market analysts warn that the overall mood is sensitive to changes in worldwide interest rates, currency swings, and physical sector demand. Supported by currency trends and spot demand recovery, gold and silver are displaying somewhat favorable potential in the Indian futures market. Still, traders ought to watch for the stated support/resistance levels as well as general macroeconomic clues.
