Gold and silver prices saw a sharp decline on the Multi Commodity Exchange (MCX) on Friday. Factors contributing to the fall include a stronger U.S. dollar, hawkish signals from the Federal Reserve, and rising inflation concerns, despite a drop in oil prices.
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MCX Gold shows bearish bias, targeting 165,000 with key support at 151,000; MCX Silver consolidates, eyes 300,000 with support at 250,000.
MCX Gold and Silver exhibit bullish trends, with import duty hikes supporting prices. Gold aims for 170,000, while Silver targets 340,000, with key support levels at 155,000 for Gold and 262,000 for Silver.
Gold prices surged on Friday, driven by robust spot demand and fresh speculative buying. Across major Indian cities, retail rates for 22K, 24K, and 18K gold saw an uptick. Futures contracts for August delivery on MCX climbed, mirroring a stronger global sentiment for the precious metal. This rally reflects increased trader confidence and positive market momentum.
Gold and silver prices on MCX show sideways-to-bullish momentum according to Abhilash Koikkara of Nuvama Professional Clients Group. Gold trades at 153,200 with target 163,000 and support at 149,000, while silver at 248,400 targets 280,000 with support at 235,000. Both metals maintain bullish bias above key weekly support levels.
