Gold falls ₹965 after firm start, silver gains ₹923 as global prices rise

Weak jobs data provided support to gold and silver in the global market, while domestic bullion prices showed a mixed trend. Gold fell after a firm start, while silver retained its gains.

 

On Monday, October 5, gold futures on Comex were trading near $4,170 per ounce, while silver was trading near $61.60 per ounce.

 

In the domestic market, gold futures on the Multi Commodity Exchange (MCX) were trading near ₹1,49,450 per 10 gram at the time of writing, while silver futures were trading near ₹2,26,800 per kg.

Gold falls after firm start

Gold futures opened higher. On the MCX, the benchmark December gold contract opened ₹807 higher at ₹1,51,197 per 10 gram. The previous close was ₹1,50,390.

 

 

However, at the time of writing, the contract was trading ₹965 lower at ₹1,49,425.

 

Gold futures had touched a high of ₹1,80,779 per 10 gram earlier this year.

Silver gains

Silver futures opened higher. On the MCX, the benchmark December silver contract opened ₹23 higher at ₹2,25,900 per kg. The previous close was ₹2,25,877.

 

At the time of writing, the contract was trading ₹923 higher at ₹2,26,800.

 

Silver futures had touched a high of ₹4,20,048 per kg earlier this year.

Gold, silver rise in global market

Gold and silver futures were trading higher in the international market.

 

On Comex, gold opened at $4,169.40 per ounce. The previous closing price was $4,162.30. At the time of writing, it was trading $9.80 higher at $4,172.10 per ounce.

 

Gold prices had touched a high of $5,586.20 per ounce earlier this year.

 

Comex silver futures opened at $60.70 per ounce. The previous closing price was $60.41. At the time of writing, silver was trading $1.16 higher at $61.57 per ounce.

 

Silver prices had touched a high of $121.79 per ounce earlier this year.

Levels to watch

According to Ajay Kedia, director, Kedia Advisory, gold has support near ₹1,49,570. A sustained fall below this level could take prices towards ₹1,48,750.

 

On the upside, resistance is seen near ₹1,50,975. A decisive move above this level could take gold towards ₹1,51,560.

 

Silver has support near ₹2,24,295. A fall below this level could take prices towards ₹2,22,715.

 

On the upside, resistance is seen at ₹2,27,175. A sustained move above this level could take silver towards ₹2,28,475.

MCX, Comex prices

 

Note: MCX gold futures prices are in rupees per 10 gram, while MCX silver futures prices are in rupees per kg. Comex gold and silver futures prices are in dollars per ounce. Last traded prices are as of the time of writing.