Gold futures rise, silver futures fall in domestic, global markets

Gold and silver showed a mixed trend on Wednesday, with gold trading higher and silver lower in both domestic and global markets.

 

In the global market, gold futures on Comex were trading near $4,190 per ounce, while silver was trading near $59.50 per ounce. In the domestic market, gold futures on the Multi Commodity Exchange (MCX) were trading near ₹1,48,500 per 10 gram at the time of writing, while silver futures were trading near ₹2,19,000 per kg.

Gold prices rise

Gold futures opened higher. On the MCX, the benchmark December gold contract opened ₹181 higher at ₹1,48,631 per 10 gram. The previous close was ₹1,48,450.

 

 

At the time of writing, the contract was trading ₹30 higher at ₹1,48,480.

 

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

Silver slips

Silver futures opened lower. On the MCX, the benchmark December silver contract opened ₹216 lower at ₹ 2,19,001 per kg. The previous close was ₹2,19,217.

 

At the time of writing, the contract was trading ₹226 lower at ₹2,18,991.

 

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

Gold rises, silver softens in global market

Gold futures were trading higher in the international market, while silver was marginally lower.

 

On Comex, gold opened at $4,184.20 per ounce. The previous closing price was $4,177.30. At the time of writing, it was trading $10.50 higher at $4,187.80 per ounce.

 

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

 

Comex silver futures opened at $59.41 per ounce. The previous closing price was $59.52. At the time of writing, silver was trading $0.03 lower at $59.49 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, selling pressure was technically building again in gold. Open interest rose 2.83 per cent to 17,548 contracts as prices declined, indicating strengthening bearish sentiment.

 

Gold has support at ₹1,47,820, followed by ₹1,47,190. Resistance is seen at ₹1,49,535. A move above this level could take prices towards ₹1,50,620.

 

Silver was also witnessing fresh selling pressure from a technical perspective. Open interest rose 8.74 per cent to 19,291 contracts as prices declined, indicating the creation of fresh short positions.

 

Silver has support at ₹2,17,460, followed by ₹2,15,695. Resistance is seen at ₹2,22,280. If prices sustain above this level, silver could rise towards ₹2,25,335. Continued selling, however, could push prices lower.

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.