Daijiworld Media Network – Mumbai
Mumbai, Jul 7: Gold and silver prices remained under pressure for the second straight trading session on Tuesday, with both precious metals falling sharply in domestic and international markets amid continued weak global sentiment.
On the Multi Commodity Exchange (MCX), August gold futures opened at Rs 1,46,566 per 10 grams, down Rs 351 (0.23 per cent) from the previous close of Rs 1,46,917.
Selling intensified during the session, dragging gold to around Rs 1,45,662 by midday, a decline of Rs 1,255 (0.85 per cent). During intraday trade, the contract touched a low of Rs 1,45,351, marking a fall of nearly 1 per cent, while the day’s high remained at the opening level.
Silver futures for September delivery also witnessed significant selling. The metal fell to an intraday low of Rs 2,30,803 per kg, down Rs 5,296 (2.24 per cent) from the previous close.
The contract had opened at Rs 2,34,100, lower by Rs 1,999 (0.84 per cent) compared to its previous settlement of Rs 2,36,099. By noon, silver was trading at approximately Rs 2,32,549, reflecting a decline of Rs 3,550 (1.50 per cent).
The weakness in domestic markets mirrored the trend overseas. In international trade, COMEX gold slipped 0.63 per cent to $4,141 per ounce, while silver declined 1.46 per cent to $61.41 per ounce.
Market analysts said gold continues to face near-term pressure. They noted that the metal needs to regain the Rs 1,46,000 mark and sustain above the Rs 1,46,500–1,47,000 resistance zone to signal a stronger recovery. A successful breakout above those levels could push prices towards Rs 1,48,000.
On the downside, experts identified immediate support between Rs 1,45,500 and Rs 1,45,000. A breach of this range could accelerate losses towards Rs 1,44,000–1,43,500.
For silver, analysts believe the short-term outlook has turned cautiously bearish after prices slipped below the Rs 2,34,000 support level. They said a sustained fall below Rs 2,32,000 could lead to a further decline towards Rs 2,30,000.
Conversely, a recovery above the Rs 2,35,000–2,36,000 resistance zone could improve sentiment and lift prices towards the Rs 2,38,000–2,39,000 range.
Meanwhile, crude oil prices moved higher in global markets. Brent crude gained nearly 1 per cent to trade at $72.77 per barrel, while US benchmark West Texas Intermediate (WTI) crude rose 1.12 per cent to $69.32 per barrel, continuing to trade below the $70 mark.
