Mumbai, June 10: Precious metals, including gold and silver, experienced a significant drop in prices on Wednesday due to escalating tensions in West Asia and uncertainty in global markets.
On the Multi Commodity Exchange of India (MCX), August futures for gold opened at ₹149,926 per 10 grams but fell nearly 2% to a daily low of ₹149,500 per 10 grams. Meanwhile, July futures for silver opened at ₹234,009 per kilogram and also dropped about 2%, reaching a low of ₹233,400 per kilogram.
As of 11:15 AM, August delivery gold on the MCX was trading at ₹150,289 per 10 grams, reflecting a decline of 1.41% or ₹2,154. July delivery silver was down 1.40%, or ₹3,328, trading at ₹235,200 per kilogram.
According to the Indian Bullion and Jewelers Association (IBJA), the price of 999 purity gold was ₹152,519 per 10 grams on Tuesday, while 999 purity silver was priced at ₹245,938 per kilogram.
Notably, there has been a considerable decline in gold and silver prices over the past few days. Silver has fallen by ₹2.21 lakh from its all-time high of ₹4,57,328, while gold has dropped over ₹53,700 from its peak of ₹2,04,375.
Market experts indicate that the immediate resistance level for MCX gold is currently at ₹152,000. If gold maintains strength above this level, it could see upward momentum, potentially reaching prices between ₹154,000 and ₹155,000.
Conversely, if prices fall below ₹149,500 to ₹149,000, selling pressure may increase, pushing gold towards a support zone around ₹148,000.
For MCX silver, the immediate resistance range is between ₹238,000 and ₹240,000. A strong breakout above this range could lead to a recovery, with prices potentially rising to ₹245,000 and then ₹248,000.
However, if silver drops below the support level of ₹232,000, selling pressure may intensify, causing prices to decline to levels between ₹228,000 and ₹225,000.
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