Gold and Silver Price Today: Gold and silver prices witnessed a highly volatile session on Tuesday, ending on a mixed note as traders booked profits at higher levels amid hopes of the US government reopening.
The trend in precious metals remained uncertain, with prices swinging sharply during the session.
Gold and Silver Price Today
In international markets, gold December futures settled at $4,116.30 per troy ounce, down by 0.14%, while silver December futures ended higher at $50.745 per troy ounce, up by 0.86%.
Domestic Market: MCX Gold and Silver End Mixed
Domestically, on the Multi Commodity Exchange (MCX), gold December futures closed at Rs 1,23,913 per 10 grams, losing 0.05%, whereas silver December futures gained 0.65% to settle at Rs 1,54,687 per kilogram.
During early trade, both metals extended gains; however, profit booking at higher levels erased part of those early advances.
Gold prices slipped from three-week highs following reports suggesting the potential end of the US government shutdown and a rebound in global equities.
Despite this, expectations of possible Federal Reserve monetary policy easing and a weaker US dollar index may continue to lend support to precious metals.
Analysts noted that gold maintained its crucial support near $3,870 and managed to cross the $4,100 level, while silver held above $45.50 and surpassed $50 per troy ounce, indicating underlying strength.
Key Support and Resistance Levels for Gold and Silver
Going forward, both gold and silver are expected to remain volatile this week amid fluctuations in the dollar index and uncertainty in global financial markets, especially ahead of the US inflation data.
Gold prices are likely to trade between $3,960 and $4,220 per troy ounce, while silver could move within $47.00 to $52.50 per troy ounce.
For the day, gold has support at $4,084–4,050 and resistance at $4,154–4,180, whereas silver has support at $50.20–49.74 and resistance at $51.10–51.65 per troy ounce.
On the MCX, gold is expected to find support at Rs 1,22,800–Rs 1,22,000 and face resistance at Rs 1,24,750–Rs 1,25,800. Silver’s support lies at Rs 1,53,200–Rs 1,52,000, with resistance at Rs 1,56,000–Rs 1,57,700.
Trading Strategy: Buy on Dips Recommended for Gold and Silver
Experts suggest buying gold on dips around Rs 1,23,300 with a stop loss at Rs 1,22,500 for a target of Rs 1,25,000.
Similarly, silver can be bought near Rs 1,53,800–Rs 1,53,000 with a stop loss at Rs 1,51,800 for a target of Rs 1,55,000–Rs 1,56,600, said Manoj Kumar Jain.