Gold, silver rebound on buying at lower levels as crude oil softens

Comex gold futures rose to $4,168.10 per ounce, while silver edged up to $56.10, with gold still below its year-to-date peak of $5,586.20

Gold and silver prices recovered on Thursday, October 15, after a sharp fall in the previous session, supported by buying at lower levels and some easing in crude oil prices.

 

In the global market, gold futures on Comex were trading near $4,170 per ounce, while silver was trading near $56 per ounce. In the domestic market, gold futures on the Multi Commodity Exchange (MCX) were trading near ₹1,47,400 per 10 gram at the time of writing, while silver futures were trading near ₹2,09,000 per kg.

Gold prices rise

Gold futures opened higher. On the MCX, the benchmark December gold contract opened ₹1,634 higher at ₹1,47,482 per 10 gram. The previous close was ₹1,45,848.

 

 

At the time of writing, the contract was trading ₹1,550 higher at ₹1,47,398.

 

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

Silver also gains

Silver futures also opened higher. On the MCX, the benchmark December silver contract opened ₹690 higher at ₹2,09,028 per kg. The previous close was ₹2,08,338.

 

At the time of writing, the contract was trading ₹832 higher at ₹2,09,170.

 

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 $4,128.30 per ounce. The previous closing price was $4,107.90. At the time of writing, it was trading $60.20 higher at $4,168.10 per ounce.

 

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

 

Comex silver futures opened at $55.80 per ounce. The previous closing price was $55.87. At the time of writing, silver was trading $0.23 higher at $56.10 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 0.23 per cent to 17,588 contracts amid a ₹2,602 decline in prices.

 

Gold has support at ₹1,44,770. A fall below this level could take prices towards ₹1,43,700.

 

On the upside, resistance is seen at ₹1,47,780. If gold sustains above this level, prices could rise towards ₹1,49,710.

 

Kedia said silver was also witnessing fresh selling pressure from a technical perspective. Open interest rose 7.24 per cent to 20,688 contracts amid a ₹10,879 decline in prices.

 

Silver has support at ₹2,04,380. A fall below this level could take prices towards ₹2,00,420.

 

On the upside, resistance is seen at ₹2,15,890. If silver sustains above this level, prices could rise towards ₹2,23,440.