Gold prices fell ₹492 and silver slipped ₹2,004 on Tuesday, October 27, as investors awaited the Federal Reserve's policy meeting. On the MCX, the December gold contract opened at ₹1,42,581 per 10 gram. Meanwhile, silver futures opened at ₹1,93,789 per kg. Both metals traded lower in the international market too.
Gold and silver futures were trading lower in the international market | Image: Adobe Stock
Gold and silver prices traded lower on Tuesday, October 27, as investors awaited the Federal Reserve's policy meeting.
In the global market, gold futures on Comex were trading near $4,030 per ounce, while silver was trading near $53.80 per ounce. In the domestic market, gold futures on the Multi Commodity Exchange (MCX) were trading near ₹1,42,800 per 10 gram at the time of writing, while silver futures were trading near ₹1,94,700 per kg.
Gold prices fall
Gold futures opened lower. On the MCX, the benchmark December gold contract opened ₹492 lower at ₹1,42,581 per 10 gram. The previous close was ₹1,43,073.
At the time of writing, the contract was trading ₹267 lower at ₹1,42,806.
Gold futures had touched a high of ₹1,80,779 per 10 gram earlier this year.
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Silver also slips
Silver futures also opened lower. On the MCX, the benchmark December silver contract opened ₹2,004 lower at ₹1,93,789 per kg. The previous close was ₹1,95,793.
At the time of writing, the contract was trading ₹1,093 lower at ₹1,94,700.
Silver futures had touched a high of ₹4,20,048 per kg earlier this year.
Gold, silver weak in global market
Gold and silver futures were trading lower in the international market.
On Comex, gold opened at $4,032.80 per ounce. The previous closing price was $4,038.40. At the time of writing, it was trading $10.90 lower at $4,027.50 per ounce.
Gold prices had touched a high of $5,586.20 per ounce earlier this year.
Comex silver futures opened at $54.07 per ounce. The previous closing price was $54.34. At the time of writing, it was trading $0.54 lower at $53.80 per ounce.
Silver prices had touched a high of $121.79 per ounce earlier this year.
Levels to watch
According to Ajay Kedia, director, Kedia Advisory, gold was technically witnessing short covering. Prices rose by ₹1,049 during the period under consideration, while open interest declined 1.39 per cent to 15,996 contracts.
Gold has support at ₹1,42,320, followed by ₹1,41,560. Resistance is seen at ₹1,43,600. If prices sustain above this level, gold could rise towards ₹1,44,120.
A break below ₹1,42,320, however, could deepen the decline and take prices towards ₹1,41,560.
Silver was also technically witnessing short covering. Prices rose by ₹74 during the period under consideration, while open interest fell 1.15 per cent to 16,683 contracts.
Silver has support at ₹1,93,140, followed by ₹1,90,490. Resistance is seen at ₹1,97,820. If prices sustain above this level, silver could rise towards ₹1,99,840.
A break below ₹1,93,140 could increase selling pressure and take prices towards ₹1,90,490.
MCX, Comex prices
Note: MCX gold futures prices are in rupees per 10 gram, while MCX silver futures prices are in rupees per kg. Comex gold and silver futures prices are in dollars per ounce. Last traded prices are as of the time of writing.