In a day of contrasting fortunes for bullion traders, gold prices in Mumbai pressed higher on Tuesday, while silver recorded a steep decline. The India Bullion and Jewellers Association reported 24-karat gold gaining 1,021 rupees to hit 1,59,241 rupees per 10 grams, improving from Monday’s 1,58,220 rupees.
Lower purities mirrored the uptrend: 22-karat at 1,45,865 rupees per 10 grams (up from 1,44,930 rupees) and 18-karat at 1,19,431 rupees (from 1,18,665 rupees). Factors like inflation fears and currency movements appear to be fueling this gold momentum.
Silver disappointed, dropping 1,163 rupees to 2,62,912 rupees per kilogram from 2,64,075 rupees. MCX futures echoed the caution, with gold April 2026 down 0.97% to 1,60,037 rupees and silver March 2026 declining 2.01% to 2,59,999 rupees.
International markets showed gold at 5,175 dollars per ounce (-0.96%) and silver at 87.49 dollars (+1.07%). LKP’s Jatin Trivedi pointed to range-bound MCX gold with weakness and Comex barriers at 5,175 dollars.
He pegged gold support at 1,58,000 rupees and resistance near 1,62,500 rupees, noting global volatility as a persistent theme. Traders are advised to watch for cues from central bank policies and trade tensions, which could dictate the next phase of bullion price action.