Bullion Prices Tumble; Gold, Silver Fall Up to 2%

Gold and silver prices extended their decline for a second straight session on Tuesday, with both precious metals falling by up to 2% amid weakness in global markets and sustained selling pressure.

On the Multi Commodity Exchange (MCX), gold futures for August delivery opened 0.23% lower at ₹1,46,566 per 10 grams, down ₹351 from the previous close of ₹1,46,917.

Selling intensified during the session, with gold slipping to an intraday low of ₹1,45,351, a decline of 1% or ₹1,566. By around noon, the contract was trading at ₹1,45,662, down ₹1,255 or 0.85%.

Silver falls over 2%

Silver futures for September delivery also remained under pressure.

The contract opened at ₹2,34,100 per kg, down ₹1,999 or 0.84% from the previous close of ₹2,36,099.

It later fell to an intraday low of ₹2,30,803 per kg, a decline of 2.24% or ₹5,296. At the last count, silver was trading at ₹2,32,549, down ₹3,550 or 1.50%.

Global markets remain weak

The weakness in domestic bullion mirrored international trends.

COMEX gold fell 0.63% to $4,141 an ounce, while COMEX silver declined 1.46% to $61.41 an ounce.

Analysts see key support levels

Commodity market analysts said the near-term outlook for gold remains mildly negative.

According to analysts, MCX gold needs to reclaim ₹1,46,000 and sustain above the ₹1,46,500-₹1,47,000 resistance zone to improve momentum. A sustained move beyond those levels could open the way towards ₹1,48,000.

On the downside, immediate support is seen between ₹1,45,500 and ₹1,45,000. A breach of that range could push prices towards ₹1,44,000-₹1,43,500.

For silver, analysts said sentiment has turned cautiously weak after prices slipped below the ₹2,34,000 support level.

A decisive fall below ₹2,32,000 could drag prices towards ₹2,30,000, while a sustained recovery above the ₹2,35,000-₹2,36,000 resistance zone may lift prices towards ₹2,38,000-₹2,39,000.

Crude edges higher

Meanwhile, crude oil prices strengthened in international trade.

Brent crude rose nearly 1% to $72.77 a barrel, while US West Texas Intermediate (WTI) crude gained 1.12% to $69.32 a barrel.