MUMBAI — Gold and silver prices slipped in early trade on Thursday as investors booked profits following a rebound in the U.S. dollar against major global currencies. Weak demand in the spot market also added pressure on precious metals.
On the Multi Commodity Exchange (MCX), gold February futures declined 0.13 per cent to Rs 1,30,288 per 10 grams. Analysts said gold had recently extended its uptrend, touching a fresh high near Rs 1,31,400 and moving closer to its lifetime resistance zone at Rs 1,32,294 — a key breakout barrier.
“A clean and sustained close above Rs 1,32,300 can accelerate the rally toward Rs 1,34,400–Rs 1,35,500,” experts said.
Silver March futures were also lower, slipping 0.08 per cent to Rs 1,82,200 per kilogram. Despite the slight pullback, analysts noted that silver remains “exceptionally bullish,” supported by strong global sentiment and weakness in the rupee.
“A sustained breakout above Rs 1,84,000 could extend the rally toward Rs 1,86,000–Rs 1,88,000,” analysts said, adding that immediate support sits near Rs 1,81,700–Rs 1,80,300, while the previous high around Rs 1,71,750 now serves as a key long-term support zone.
The dollar index climbed back above 99 after touching 98.85 in the prior session, limiting gains in precious metals. However, its rise was capped as traders increasingly expect the U.S. Federal Reserve to begin cutting interest rates soon.
In India, attention has now shifted to the Reserve Bank of India’s Monetary Policy Committee meeting scheduled for December 5. Market experts remain split on the outcome, with some forecasting a 25-basis-point rate cut and others anticipating the RBI will leave rates unchanged for a third consecutive review.
Globally, gold traders are watching for signals from the U.S. Federal Reserve. The Federal Open Market Committee meets on December 9 and 10, and any indication of rate cuts could further support gold prices. (Source: IANS)
