Beware Gold & Silver shining away

Gold and silver prices are slipping on MCX, following global cues, and experts say this trend is likely to continue downstream

On Tuesday, gold on MCX started at Rs 57,426 per 10 grams, hitting an intraday low of Rs 56,565; globally, it stood at $1,817.38 per troy ounce

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Silver on MCX began at Rs 69,255 per kg, reaching a low of Rs 65,666 on Tuesday, while globally, it remained at $20.77 per troy ounce

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Gold and silver prices experienced a decline on Monday within the Comex market, with this drop being attributed to the closure of the domestic market for the day

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Analysts link gold and silver price drop to rising dollar index and US 10-year yields, sparking interest among experts due to market interconnections

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Manav Modi, Motilal Oswal Financial Services analyst, notes a 7.5% rise in the dollar index and US 10-year yields from 3.7% to 4.7% in two months

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Anuj Gupta, HDFC Securities' Commodity and Currency Head, anticipates further gold price decline after breaking $1880 support

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Comex Spot Gold has support at $1850 and resistance at $1893, while MCX Gold December future's resistance is at 58600 with supports at 57980/57700

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Gold and silver prices are likely to remain volatile in the near term, but may trend higher in the long term as inflation remains elevated

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