MUMBAI, JUL 7 (IANS): Gold and silver prices extended their losses for a second consecutive session on Tuesday, with both precious metals declining by up to 2% amid weakness in global markets.
On the Multi Commodity Exchange (MCX), gold futures (August 5) opened marginally lower at Rs 1,46,566 per 10 grams, down 0.23%, or Rs 351, from the previous close of Rs 1,46,917.
Selling pressure intensified later, with the yellow metal falling Rs 1,255, or 0.85%, to Rs 1,45,662 at around 12 pm. During the session so far, it touched an intraday low of Rs 1,45,351, down 1%, or Rs 1,566, while the day’s high stood at Rs 1,46,566. Silver futures (September 4) also remained under pressure, declining as much as 2.24%, or Rs 5,296, to hit an intraday low of Rs 2,30,803 per kg.
The white metal opened Rs 1,999, or 0.84%, lower at Rs 2,34,100, against the previous close of Rs 2,36,099. At the last count, it was trading at Rs 2,32,549, down Rs 3,550, or 1.50%.
The weakness was also reflected in international markets. COMEX gold was down 0.63% at $4,141 per ounce, while silver declined 1.46% to $61.41 per ounce.
According to the commodity market experts, 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-Rs 1,47,000 resistance zone to improve momentum, with a move above these levels potentially paving the way toward Rs 1,48,000.
On the downside, immediate support is seen in the Rs 1,45,500-Rs 1,45,000 range, with a breach likely to drag prices toward Rs 1,44,000-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-Rs 2,36,000 resistance zone could trigger a recovery toward Rs 2,38,000-Rs 2,39,000, the experts said.
Additionally, crude oil prices saw an uptrend. International benchmark Brent crude rose about 1% to $72.77 a barrel, while US West Texas Intermediate (WTI) crude gained 1.12% to $69.32 a barrel, remaining below the $70 mark.
