English
English
English
Gold and silver rates decline as inflation concerns (Img : Pinterest)
Mumbai: Gold and silver prices declined sharply on Thursday as precious metals faced renewed selling pressure in domestic and international markets. Gold fell below Rs 1,45,000 per 10 grams, while silver dropped by Rs 5,200 per kilogram. Weak global trends, inflation concerns and expectations surrounding US Federal Reserve interest rates weighed on market sentiment.
Gold prices dropped 1.19% to Rs 1,44,340 per 10 grams for 24K gold, falling below the Rs 1.45 lakh mark as selling pressure continued to weigh on the precious metal.
Also Read: SBI Confirms Data Breach, 3,897 Customer Records Found Exposed on Dark Web
In international trading, spot gold fell 1.2% to $4,091.47 per ounce, according to the reports.
Aamir Makda, Technical Research Analyst for Commodities and Currencies at Choice Broking, noted that gold opened lower on Thursday, erasing the previous session’s gains. He attributed the market pressure to renewed Middle East tensions and rising inflation worries, alongside growing speculation that the US Federal Reserve could raise interest rates in December.
Silver witnessed a sharper correction, falling 2.47% to Rs 2,04,002 per kilogram at the opening of trade. International spot silver also declined 2.7% to $56.41 per ounce.
Ponmudi R, CEO of Enrich Money, said MCX gold opened near Rs 1,44,990 and traded around Rs 1,44,600, down 1.01%. He identified Rs 1,45,300–Rs 1,46,000 as the immediate resistance zone, while support was seen between Rs 1,43,000 and Rs 1,43,700.
For silver, the immediate support range stands at Rs 2,00,000–Rs 2,02,000, with resistance around Rs 2,07,000–Rs 2,08,000. Although technical indicators suggest silver is in oversold territory, selling pressure remains elevated.
The recent rally in the Indian rupee has offered limited protection against falling international precious metal prices. Analysts expect the near-term trend to remain weak unless gold and silver recover their immediate resistance levels.
A decisive break below key support zones could trigger further losses, while a sustained recovery above resistance would be needed to improve market sentiment.
