Gold prices witnessed a sharp decline on Monday, with futures slipping to around ₹1.56 lakh per 10 grams on the Multi Commodity Exchange of India (MCX). Silver also followed the downward trend, falling 2.29% during the trading session, reflecting weak sentiment in the precious metals market.
Gold Prices Under Pressure
Gold futures on MCX dropped as global prices eased and traders booked profits after recent gains. Market analysts say that a stronger dollar and easing geopolitical concerns have contributed to the correction in bullion prices.
The precious metal had recently touched record highs amid global uncertainties, but the latest session saw investors turning cautious. The fall pushed gold prices to around ₹1,56,000 per 10 grams, marking one of the sharpest intraday corrections in recent weeks.
Silver Sees Steeper Decline
Silver prices also saw heavy selling pressure, declining 2.29% on MCX. Analysts believe silver tends to be more volatile than gold and often mirrors broader commodity market trends.
The drop in silver was also influenced by global market cues and profit booking by traders following a strong rally in previous sessions.
Key Levels to Watch
Market experts say traders should keep an eye on the following levels:
Gold (MCX)
- Support: ₹1,54,500 – ₹1,53,000 per 10 grams
- Resistance: ₹1,58,000 – ₹1,60,000 per 10 grams
Silver (MCX)
- Support: ₹86,000 – ₹84,500 per kg
- Resistance: ₹90,000 – ₹92,000 per kg
If gold breaks below the immediate support levels, analysts warn that prices could see further correction. However, a rebound above resistance levels may restore bullish momentum.
What’s Driving the Market?
Several global factors continue to influence precious metal prices, including interest rate expectations, currency movements, and geopolitical developments. Traders are also closely monitoring global economic data and central bank policy signals.
Despite the current dip, analysts say the long-term outlook for gold remains positive, as investors often turn to the metal as a safe-haven asset during periods of uncertainty.
