Mumbai — Gold and silver moved in opposite directions Monday, with gold falling about 1% while silver gained as investors tracked moves in the U.S. dollar and continued geopolitical uncertainty.
On the Multi Commodity Exchange, December gold futures were trading at Rs 149,184 per 10 grams around 10 a.m., down Rs 1,206, or 0.8%, from the previous close.
Gold fell as much as 1.02%, or Rs 1,540, to an intraday low of Rs 148,850. The contract also touched an intraday high of Rs 151,197, up 0.53%, or Rs 807.
Silver futures for December moved higher, rising as much as 0.49%, or Rs 1,122, to an intraday high of Rs 226,999 per kilogram.
At the latest reading, silver was trading at Rs 226,340 per kilogram, up Rs 463, or 0.2%, from the previous close.
Earlier in the session, gold and silver opened at Rs 151,197 and Rs 225,900, respectively.
Commodity analysts said gold’s move below Rs 150,000 had turned that level into an immediate resistance area. Resistance is seen at Rs 151,000-151,600, followed by Rs 152,500-153,000.
On the downside, support is seen at Rs 148,000-147,300, with additional support around Rs 146,000-145,300.
The technical outlook for gold remains cautious, with the Relative Strength Index at 43 and the Moving Average Convergence Divergence indicator in negative territory.
Analysts said gold would need to sustain a move above Rs 150,000 to stabilize, while a break below Rs 148,000 could open the way toward Rs 146,000.
Silver, meanwhile, continued to outperform gold and remained above the Rs 224,000 support zone.
Analysts see immediate resistance for silver at Rs 227,000-228,000, followed by Rs 231,000-232,000. A sustained move above Rs 228,000 could strengthen the recovery, while a break below Rs 224,000 could push prices toward Rs 220,000.
The divergence in domestic bullion prices reflects a similar trend in international markets, where silver has been outperforming gold.
Geopolitical developments also remain an important factor for precious metals markets. U.S. President Donald Trump said last week that Washington faced a choice between taking further military action against Iran and reaching an agreement with Tehran. (Source: IANS)
