Gold and silver prices have been witnessing sharp fluctuations in recent days, with market experts expecting some short-term correction while maintaining a bullish long-term outlook.
Can Gold Fall to ₹1.40 Lakh?
According to commodity market experts, MCX gold is witnessing a mild correction after reaching record levels. The ₹1,48,000 level is considered a strong technical support for gold. Experts say that only a close below this level could open the way towards ₹1,44,000 and eventually ₹1.40 lakh.
Stock market and commodity expert A.K. Nigam has advised investors to follow a “buy on dips” strategy, suggesting purchases during significant declines. On the upside, ₹1,55,000 is seen as a strong resistance level. A daily close above this mark could signal a fresh bullish trend in gold.
Gold Price Today
Approximate retail gold prices in the Indian market, excluding GST and making charges, are currently trending between ₹1,52,815 and ₹1,56,900 per 10 grams for 24-carat gold (99.9% purity).
For 22-carat gold, commonly used for jewellery, prices are ranging between ₹1,43,100 and ₹1,43,850 per 10 grams. Meanwhile, 18-carat gold is trading between ₹1,12,700 and ₹1,17,700 per 10 grams.
Silver Price Outlook
Silver prices are also moving within a narrow range. In India, silver is currently priced between ₹2,32,700 and ₹2,39,800 per kilogram.
On MCX, ₹2,35,000 is considered a strong support level for silver. As long as prices remain above this level, the current movement may be viewed as a correction, with buying interest expected to return at lower levels.