Now Reading: Gold, silver futures fall on weak demand and selling
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Gold, silver futures fall on weak demand and selling
Gold and silver futures declined on Thursday on the Multi Commodity Exchange (MCX). Gold for October delivery fell by Rs 398, or 0.26%, to Rs 1,52,072 per 10 grams in a turnover…
Gold and silver futures declined on Thursday on the Multi Commodity Exchange (MCX). Gold for October delivery fell by Rs 398, or 0.26%, to Rs 1,52,072 per 10 grams in a turnover of 8,493 lots, PTI reported. Analysts attributed the drop to weaker spot demand. Globally, gold futures declined by 0.40% to $4,369.76 per ounce in New York.
Silver for December delivery fell by Rs 476, or 0.20%, to Rs 2,34,310 per kg in a turnover of 12,785 lots. Analysts said a sell-off by participants weighed on prices. Globally, silver was trading 0.08% down at $64.870 per ounce in New York.
A separate report in The Times of India quoted Abhilash Koikkara, Head of Forex & Commodities at Nuvama Professional Clients Group, saying both metals are expected to remain under pressure due to a hawkish US Federal Reserve. He noted gold could test Rs 1,44,000 support if it breaks below Rs 1,48,000, while silver has support at Rs 2,25,000.
Indian Opinion Analysis
The coverage of the precious metals decline is uniformly straight factual reporting from PTI wire copy. The Times of India adds analyst commentary on technical levels and Fed rate hike impact, but the framing remains neutral. The absence of any official or government angle means the only meaningful context is market expectations. The key factor to watch remains the US Fed's rate path and its impact on non-yielding assets like gold and silver.
MCX gold and silver contracts for December and October delivery saw moderate declines of around 0.2-0.3%, with global prices also falling. The Times of India cited Nuvama's Koikkara, who views the correction as an accumulation opportunity given a 'firmly positive' base trend, but warned of a decisive breakdown below Rs 1,48,000 for gold.
The near-term bias is negative, with a breakdown below 1,48,000 for gold and 2,25,000 for silver opening further downside. The next key resistance is at 1,55,000 for gold.
Coverage: 4 sources, 4 neutral
Sources (4): thehindubusinessline.com (neutral report), thehindubusinessline.com (2) (neutral report), timesofindia.indiatimes.com (neutral report), thehindubusinessline.com (3) (neutral report)
This brief was synthesised by AI from the 4 sources linked above, so one read covers every framing they carry.
Updated: this story now draws on 4 sources.
