AI-generated Summary, Reviewed by Patrika
Gold Silver Price: Gold prices have fallen along with the strengthening of the Indian Rupee against the US Dollar. A sharp sell-off was observed in gold on Friday, the last trading day of the week. On MCX, gold prices have dropped by approximately ₹1000 from their record high. On Friday, gold closed at ₹1,34,206 per 10 grams on MCX, while the record high stands at ₹1,35,199 per 10 grams. Thus, gold prices have fallen by ₹1000 in three days.
Investors are now questioning whether the decline in MCX gold rates seen at the end of this week will continue into next week. Let's find out what the experts say.
According to Anuj Gupta, Director at Ya Wealth, gold prices have fallen due to domestic factors. The Indian Rupee is strengthening after recovering from a record low of 91.07 against the Dollar. After three consecutive sessions of gains last weekend, the Rupee closed at 89.59. The Rupee saw a sharp strengthening after the Bank of Japan's decision to raise interest rates. This decision is expected to put pressure on the Dollar, which the market is discounting as profit-taking in the recent gold-silver rally. However, Gupta stated that the overall trend for gold and silver remains bullish. He added, "As long as MCX Gold is above ₹1,32,000 per 10 grams and MCX Silver is above ₹2,03,000 per kilogram, any significant dip should be considered a buying opportunity."
Ponmudi R, CEO of Enrich Money, said, "MCX Gold has been consolidating in the range of ₹1,33,400 to ₹1,35,300 for the past week. It is trading below a significant resistance. Buying is being observed on every dip. The zone of ₹1,33,000 to ₹1,31,500 will act as support. If there is a decisive breakout above ₹1,34,500 to ₹1,35,000, prices could move up to ₹1,37,000 to ₹1,40,000. The movement of the Rupee and safe-haven demand will play a crucial role in this."
Ponmudi R explained, "MCX Silver is trading near its lifetime high of ₹2,08,437. After a long rally, it is currently experiencing a slight consolidation, but the rising channel remains supportive. The zone of ₹2,05,000 to ₹2,00,000 is very important, where several EMAs support exists on the daily chart. Staying above ₹2,00,000 is crucial for a long-term rally. Resistance is at ₹2,10,000 to ₹2,15,000. A breakout above this zone could lead to new highs, supported by strong industrial demand and supply shortages."
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