Gold and silver prices extended their gains on the Multi Commodity Exchange on Thursday, Oct. 1, with gold reclaiming the Rs 1.50 lakh mark and silver gaining more than Rs 3,000 from the previous close. Silver outperformed gold, reflecting the stronger momentum in the white metal, in line with the international market prices.
At around 11:33 a.m., MCX gold futures expiring Dec. 4 were trading at Rs 1,50,470 per 10 grams, up Rs 1,434, or 0.96%, from the previous close of Rs 1,49,036. The price moved up to Rs 1,50,739 earlier today, taking the gain from the previous close to more than Rs 1,700.
Gold Reclaims Rs 1.50 Lakh Level
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Gold’s move above the Rs 1.50 lakh mark puts the metal back near an important resistance zone. According to Ponmudi R, CEO of Enrich Money, the setup remains cautious, with a sustained move above Rs 1,50,000 required to strengthen the rebound.
The next resistance for gold is seen at Rs 1,50,700, followed by Rs 1,52,000 to Rs 1,52,600. While on the downside, Rs 1,48,000 remains an immediate support, and if the price breaks below this level, then it could potentially open the way towards Rs 1,46,000.
The technical indicators also suggest that the recovery is yet to gain decisive momentum, with the RSI at 43.63, below its signal line, and MACD remaining in negative territory.
Silver Outperforms Gold
MCX silver futures for the Dec. 4 expiry were trading at Rs 2,26,350 per kg, up Rs 2,644, or 1.18%, from the previous close of Rs 2,23,706. The white metal went up to Rs 2,26,896 in today’s session until 11:39 a.m., putting its intraday gain at more than Rs 3,000.
Silver’s stronger performance is in line with the relative outperformance of the white metal in international markets. Ponmudi said the divergence between gold and silver appears to be part of the broader global trend rather than being driven by any domestic factor.
For silver, Rs 2,27,000 to Rs 2,28,000 is the immediate resistance zone, while Rs 2,24,000 to Rs 2,23,000 remains the key support area. A sustained move above Rs 2,28,000 could strengthen the setup, while a break below Rs 2,24,000 could bring Rs 2,20,000 into focus.
The overall bias for both metals remains cautious until the key resistance levels are decisively cleared.
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