Gold, Silver Rebound After Sell-Off; Gold Near Three-Month Low

AI Generated Image

Gold and silver futures rebounded on Monday following a sharp sell-off, supported by buying at lower levels. However, gold remained near a three-month low.

On the Multi Commodity Exchange (MCX), December gold futures opened Rs 277 higher at Rs 1,42,301 per 10 grams.

Prices climbed 0.6 per cent to an intraday high of Rs 1,42,888 before trading at Rs 1,42,500, up Rs 476 or 0.34 per cent.

December silver futures opened Rs 538 higher at Rs 1,96,257 per kg. The metal touched Rs 1,97,186, gaining Rs 1,467 or 0.74 per cent, before slipping to Rs 1,95,572, down Rs 147 or 0.08 per cent.

Market experts said December gold futures fell nearly 4 per cent last week, closing near Rs 1.42 lakh.

Gold faces immediate resistance at Rs 1,43,000-Rs 1,43,700, followed by Rs 1,45,300-Rs 1,46,000. Support lies at Rs 1,40,000–Rs 1,41,000.

Gold’s Relative Strength Index (RSI) stood near 33, approaching oversold territory, while the widening negative MACD histogram indicated continued weakness.

For silver, resistance stands at Rs 2,00,000-Rs 2,02,000, followed by Rs 2,06,000-Rs 2,08,000. Support lies at Rs 1,92,000-Rs 1,94,000.

On COMEX, gold futures opened at $4,012.20 per ounce against the previous close of $4,007.90.

Silver opened at $54.29 against $53.94 previously. Both metals remain below their earlier peaks this year.

Also Read: Sensex, Nifty Open Lower As IT Stocks Slide Over 2%

Pragati Upadhyay

I report stories and occasionally rescue facts from chaos. By profession, I’m a journalist; by conviction, a social worker who believes words should move people, not just headlines. I question power, celebrate ordinary heroes, and sometimes irritate the comfortable. If truth had a shift, I’d probably be working overtime.