Gold, Silver Lose Shine: Yellow Metal Prices Fall By Rs 1,700 To Below Rs 1,45,000; Silver Falls By Rs 5,200

Domestic gold and silver prices fell sharply on Thursday, extending their recent slide. Gold prices fell by nearly Rs 1,700, slipping below the Rs 1,45,000 mark. 24K gold was down 1.19% to Rs 1,44,340 per 10 grams. Silver saw a steeper fall, plunging by Rs 5,200 or 2.47% to Rs 2,04,002 per kg at open.

24K gold declined 1.19% to Rs 1,44,340 per 10 grams, while silver dropped 2.47% to Rs 2,04,002 per kg at 11:00 am.

In international markets, spot gold was down 1.2% at $4,091.47 an ounce at 12:10 p.m. Singapore time, while silver fell 2.7% to $56.41, according to Bloomberg.

Aamir Makda, Commodity & Currency Analyst – Technical Research, Choice Broking said, "Gold price has declined marginally and resumed gapped down today by -0.75%, unwinding gains of previous session after a renewed tension in Middle east which has fuelled Inflation concerns. Markets continued to anticipate a potential Fed rate hike in December amid persistent energy-driven inflation. ECB and BoJ are expected to hold their current Interest rates in upcoming announcement."

"Gold price has started trading below 200-DEMA level, currently placed at 145,845. Next major support would be at 1,42,950. We are expecting moderately bearish trend in Gold in today's sessions and traders should look for Sell-on-rise opportunity," he added.

Ponmudi R, CEO of Enrich Money said, "MCX gold opened with a gap down near Rs 1,44,990 and is trading around Rs 1,44,600, down 1.01%, after slipping below the Rs 1,45,300–Rs 1,46,000 support zone. This range now acts as immediate resistance, with the next resistance zone at Rs 148,000–Rs 148,600. On the downside, support lies at Rs 1,43,000–Rs 1,43,700, followed by Rs 1,40,000–Rs 1,41,000. The RSI, near 36, is declining below its signal line, while the MACD's negative histogram is widening, signalling strengthening downside momentum."

The domestic decline mirrors the global sell-off, although MCX gold is holding up better than MCX silver amid broader yield-driven weakness in precious metals. The rupee's eight-session winning streak has also limited the scope for any currency-related cushion against falling international gold prices. The near-term bias remains bearish, with a sustained move above Rs 1,45,300–Rs 1,46,000 needed to stabilise prices. A decisive break below Rs 143,000–Rs 143,700 could expose gold to further losses towards Rs 1,40,000–Rs 1,41,000.

On MCX silver, Ponmudi R said silver opened sharply lower near Rs 206,000 and is trading around Rs 2,05,160, down 1.91%, after breaking below the Rs 2,07,000–Rs 2,08,000 support zone. This range now acts as immediate resistance, followed by Rs 2,14,000–Rs 2,15,000. Immediate support lies at Rs 2,00,000–Rs 2,02,000. The RSI, near 29, has slipped into oversold territory, but the MACD remains well below its signal line, suggesting that selling pressure has yet to ease materially.

"Domestic silver is tracking a roughly 2% decline in COMEX prices, while the rupee's eight-session rally offers little offset to the international sell-off. Sellers have continued to cap recovery attempts since the sharp decline on October 14, and the oversold RSI reading alone does not confirm a reversal. The near-term bias remains bearish, with a sustained move above Rs 207,000–Rs 208,000 needed to stabilise prices. A decisive break below Rs 2,00,000–Rs 2,02,000 could extend the sell-off," concluded Ponmudi R.