Gold prices show mixed trend, falls on MCX, rises in global market

Gold and silver prices showed a mixed trend on Wednesday, November 4. Both metals were trading lower in the domestic market, while in the global market gold was higher and silver was lower.

 

At the time of writing, gold futures on Comex were trading near $3,950 per ounce, while silver was trading near $49.30 per ounce.

 

In the domestic market, gold futures on the Multi Commodity Exchange (MCX) were trading near ₹1,39,300 per 10 gram, while silver futures were trading near ₹1,77,900 per kg.

Gold prices fall

Gold futures opened lower. On the MCX, the benchmark December gold contract opened ₹44 lower at ₹1,39,408 per 10 gram. The previous close was ₹1,39,452.

 

 

At the time of writing, the contract was trading ₹140 lower at ₹1,39,312.

 

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

Silver slips after firm start

Silver futures opened higher. On the MCX, the benchmark December silver contract opened ₹190 higher at ₹1,79,888 per kg. The previous close was ₹1,79,698.

 

However, at the time of writing, the contract was trading ₹1,816 lower at ₹1,77,882.

 

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

Gold rises, silver weakens in global market

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

 

On Comex, gold opened at $3,940.80 per ounce. The previous closing price was $3,940.40. At the time of writing, it was trading $8.20 higher at $3,948.60 per ounce.

 

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

 

Comex silver futures opened at $49.82 per ounce. The previous closing price was $49.75. At the time of writing, silver was trading $0.46 lower at $49.29 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 was technically witnessing fresh selling pressure. Open interest rose 0.87 per cent to 16,282 contracts, while prices declined by ₹734, indicating the creation of fresh short positions.

 

Gold has support at ₹1,38,070. A fall below this level could take prices towards ₹1,36,690.

 

On the upside, resistance is seen at ₹1,40,620. If gold sustains above this level, the recovery could extend towards ₹1,41,800.

 

Silver was technically witnessing long unwinding. Open interest declined 0.61 per cent to 16,830 contracts, while prices fell by ₹4,081, indicating the closure of existing long positions.

 

Silver has support at ₹1,75,670. A sustained move below this level could increase weakness and take prices towards ₹1,71,640.

 

On the upside, resistance is seen at ₹1,83,310. A move above this level could help silver recover towards ₹1,86,910.

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.