MUMBAI, Dec 30: Gold and silver prices showed signs of correction in the domestic market on Tuesday after sharp gains earlier. MCX gold February futures rose 0.59% to Rs 1,35,744 per 10 grams, while MCX silver March futures jumped 4.08% to Rs 2,33,700 per kg. Globally, spot gold fell 4.5% to $4,330.79 an ounce, and US February gold futures dropped 4.6% to $4,343.60.
The pullback followed an earlier surge when gold touched $4,584 per ounce and silver reached $82.67, with analysts attributing the retreat to stretched long positions, higher margin requirements by the CME, and thin holiday trading.
Safe-haven demand persists amid Russia-Ukraine tensions, including a reported Ukrainian drone attack on a Russian presidential residence, and US-Venezuela tensions.
Silver remains supported by tight inventories and limited liquidity, while gold benefits from around $700 billion in lendable bullion.
Analysts expect gold support at Rs 1,33,550–1,31,710 and resistance at Rs 1,36,850–1,38,670; silver support at Rs 2,19,150–2,17,780 and resistance at Rs 2,26,810–2,28,970. (IANS)
