Gold Price Today: Gold and silver prices opened sharply lower on the MCX on Monday, tracking weakness in the international spot market amid heavy selling pressure and elevated volatility.
On the MCX, gold February contract (145021) was down Rs 2,732, while silver February contract (255026) declined by Rs 10,626 in early trade. In the international spot market, gold slipped by nearly $210 to $4,678 per ounce, while silver fell close to $7 to $78 per ounce.
Market participants remain cautious as sharp corrections in global prices, higher margin calls, and profit-booking continue to weigh on bullion sentiment.
Below are the weekly views from leading market experts:
JM Financial
JM Financial noted that gold has corrected more than 17% from its all-time high, while silver is down nearly 30% from its peak hit last Thursday. In the domestic market, gold has declined around 20%, and silver is down nearly 37%, amid follow-up selling seen on Sunday.
The brokerage highlighted that a bearish engulfing candle formed last week has altered near-term technical structure. For MCX gold, key support lies at Rs 1,34,300, and a sustained break below this level could drag prices towards Rs 1,22,500 and Rs 1,10,000. However, as long as Rs 1,34,300 holds, prices may stabilise and gradually recover towards Rs 1,60,000–1,80,000 levels.
Silver’s parabolic rally reversed sharply after prices gained more than 25% in a week till Thursday, before ending the week down 20.7% following heavy sell-offs on Friday and Sunday. JM Financial highlighted support at Rs 2,22,000, followed by Rs 1,80,000, while resistance is seen at Rs 3,05,000 and Rs 3,40,000.
Manoj Kumar Jain, Prithvi Finmart
Manoj Kumar Jain said the Indian Union Budget brought no change in import duty on gold and silver, which helped eliminate the premium in domestic bullion prices. However, higher margin calls triggered panic selling, pushing prices sharply lower.
He said bullion markets are witnessing extreme volatility, though silver could hold support near $65 per ounce, while gold may hold support around $4,440 per ounce on a weekly closing basis.
For the international market, Jain pegged gold support at $4,680–4,620, with resistance at $4,800–4,910 per ounce. Silver support is seen at $74–67, while resistance lies at $84–88.80.
On the MCX, gold has support at Rs 1,44,400–1,37,700 and resistance at Rs 1,48,800–1,54,000, while silver has support at Rs 2,55,500–2,44,000 and resistance at Rs 2,78,000–2,92,000. He advised waiting for price stability before initiating fresh positions.
Kedia Commodity
Kedia Commodity said gold is witnessing long liquidation, with open interest plunging 26.31%. Support is placed at Rs 1,40,390, below which prices could test Rs 1,33,025. Resistance stands at Rs 1,53,365, and a breakout could open the path towards Rs 1,58,975.
For silver, the brokerage noted long liquidation with open interest declining 17.18%. Support is seen at Rs 2,59,265, followed by Rs 2,52,870, while resistance is placed at Rs 2,78,440. A breakout could push prices towards Rs 2,91,220.
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