Precious metals faced headwinds on MCX Tuesday as a robust dollar and profit harvesting led to price softening. Medium-term buoyancy persists, fueled by global tensions.
Gold February contract fell 0.33% to ₹1,57,550 per 10g. Silver March dropped 1.92% to ₹2,57,567/kg, after dipping over 2% to ₹2,57,100 early on. Gold’s low was ₹1,56,001 (-1.3%).
Dollar index at 97.01 from 96.82 hurt affordability abroad. Fed rate cut bets (2x25bps) offer counterbalance.
Amid US-Iran strains and maritime alerts, metals stay resilient. Comex gold’s bull run intact; dip is mere profit booking.
Silver Comex at $65-70 support. MCX gold support ₹1,56,600/1,54,800, resistance 1,59,100/1,60,000. Silver support 2,55,500/2,48,800, resistance 2,68,000/2,74,000.
Silver poised for gains via industry needs, supply gaps; gold via havens, central banks. Focus on US January jobs, inflation data.