Gold Prices in India Dip to ₹1.30 Lakh per 10 Grams, While MCX Silver Slides 1.5% Below ₹1.80 Lakh per Kg.

Gold and silver prices experienced a decline on the Multi Commodity Exchange of India (MCX) as traders engaged in profit booking following a notable rally in the previous session. On Tuesday, MCX gold opened 0.41% lower at ₹1,30,109 per 10 grams compared to the previous day’s close of ₹1,30,652. Similarly, MCX silver prices fell by more than 1.5%, opening at ₹1,80,701 per kg. By 9:15 AM, gold was trading lower by ₹280, or 0.21%, at ₹1,30,372 per 10 grams, while silver was down ₹3,029, or 1.66%, at ₹1,79,001 per kg.

The decline in both gold and silver prices is largely attributed to profit-taking after gold reached a six-week high. Investors are also reacting to broader economic signals, including growing expectations of a US interest rate cut, following weak economic data such as ongoing contraction in the US manufacturing sector. With traders assigning an 88% probability to a 25 basis points reduction in rates at the Federal Reserve’s next meeting, attention is shifting towards upcoming economic reports and commentary from Federal Reserve Chair Jerome Powell for further insight into the central bank’s monetary policy trajectory.

For short-term traders and investors, the outlook remains cautious. Analysts suggest that the MCX gold price could drop to ₹130,000 per 10 grams, with immediate support at ₹1,29,650 to ₹1,28,850. Resistance levels are identified at ₹1,31,450 to ₹1,32,100. As long as gold maintains above ₹1,28,400, a bullish medium-term trend is still anticipated, but a solid breakout above ₹1,32,294 is necessary to target higher price levels of ₹1,34,400 to ₹1,35,500. Silver’s support is located at ₹1,80,750 to ₹1,79,200, which traders should closely monitor as market dynamics evolve.

Source: Market Source

(Expert Note: This report was independently prepared by the Wealthova Commodities team.)