Gold, silver extend losses on weak global cues
Mumbai — Gold and silver prices extended losses for a second consecutive session Tuesday, with both precious metals falling by up to 2 percent amid weakness in global markets.
On the Multi Commodity Exchange, gold futures for Aug. 5 opened slightly lower at Rs 1,46,566 per 10 grams, down 0.23 percent, or Rs 351, from the previous close of Rs 1,46,917.
Selling pressure intensified later in the session, with gold falling Rs 1,255, or 0.85 percent, to Rs 1,45,662 around noon. It touched an intraday low of Rs 1,45,351, down 1 percent, or Rs 1,566, while the day’s high stood at Rs 1,46,566.
Silver futures for Sept. 4 also remained under pressure, falling as much as 2.24 percent, or Rs 5,296, to an intraday low of Rs 2,30,803 per kg.
Silver opened Rs 1,999, or 0.84 percent, lower at Rs 2,34,100, compared with the previous close of Rs 2,36,099. It was last trading at Rs 2,32,549, down Rs 3,550, or 1.50 percent.
Weakness was also seen in international markets. COMEX gold was down 0.63 percent at $4,141 per ounce, while silver declined 1.46 percent to $61.41 per ounce.
Commodity market experts said the near-term outlook for gold remains mildly negative.
They said MCX gold needs to reclaim the Rs 1,46,000 level and sustain above the Rs 1,46,500 to Rs 1,47,000 resistance zone to improve momentum. A move above those levels could open the way toward Rs 1,48,000.
On the downside, immediate support is seen in the Rs 1,45,500 to Rs 1,45,000 range. A breach could drag prices toward Rs 1,44,000 to Rs 1,43,500.
For silver, analysts said the near-term outlook has turned cautiously weak after prices slipped below the Rs 2,34,000 support level.
A decisive break below Rs 2,32,000 could extend losses toward Rs 2,30,000, while a sustained move above the Rs 2,35,000 to Rs 2,36,000 resistance zone could trigger a recovery toward Rs 2,38,000 to Rs 2,39,000, experts said.
Crude oil prices moved higher. International benchmark Brent crude rose about 1 percent to $72.77 a barrel, while U.S. West Texas Intermediate crude gained 1.12 percent to $69.32 a barrel, remaining below the $70 mark. (Source: IANS)
