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<\/a><\/p>\nGold and silver prices on India’s Multi Commodity Exchange (MCX) opened lower in Tuesday\u2019s trading session, as investors booked profits amid subdued physical demand. At approximately 9:10 AM, MCX Gold February 2025 futures were trading 0.48% lower at \u20b91,33,492 per 10 grams, while MCX Silver March 2025 futures declined by 1.64% to \u20b91,94,657 per kilogram.<\/p>\n
This domestic pullback contrasts with the trend in international markets, where spot gold hovered near record levels around $4,300 per troy ounce, buoyed by a weakening US dollar. The greenback’s slide to a near two-month low, as analyzed in depth by Reuters Market News, has provided significant support to dollar-denominated bullion prices globally.<\/p>\n
Key Drivers Behind Today\u2019s Movement<\/p>\n
Analysts attribute the day\u2019s softness primarily to profit-booking following a strong rally. Just a day earlier, MCX gold futures had scaled a historic peak of \u20b91,35,496. The lack of fresh domestic triggers and softer spot demand further prompted the correction.<\/p>\n
Market focus is now squarely on the upcoming US Nonfarm Payrolls data. This report is a critical gauge of the American labor market’s health and will heavily influence the Federal Reserve’s interest rate trajectory. According to the CME FedWatch Tool, market participants are currently pricing in a high probability of a rate cut by the Fed in the coming months, a fundamental pillar supporting gold’s medium-term outlook.<\/p>\n
Expert Analysis: Volatility and Levels to Watch<\/p>\n
Financial experts caution that prices are likely to remain volatile this week, reacting to a slew of key events. These include major U.S. economic data releases, policy decisions from the Bank of England (BoE) and the Bank of Japan (BOJ), and geopolitical developments.<\/p>\n
“The medium-term outlook for gold remains constructive, supported by expectations of a shift to an accommodative monetary policy cycle and persistent geopolitical uncertainties,” said Manoj Kumar Jain, Head of Commodity Research at Prithvifinmart. “We advise accumulating gold on dips around \u20b91,33,600, with a stop loss at \u20b91,32,800 for an initial target of \u20b91,35,000.”<\/p>\n
Jigar Trivedi, Senior Research Analyst at Reliance Securities, noted that the February gold contract could see intraday weakness toward \u20b91,33,000 per 10 grams. Traders are advised to monitor key technical levels closely.<\/p>\n
Critical Support & Resistance Levels:<\/p>\n
Gold Support: \u20b91,33,500 & \u20b91,32,800 | Resistance: \u20b91,34,850 & \u20b91,35,500<\/p>\n
Silver Support: \u20b91,96,200 & \u20b91,94,400 | Resistance: \u20b92,00,000 & \u20b92,01,400<\/p>\n
Verdict: Is It Time to Buy?<\/p>\n
The current dip appears to be a technical correction within a broader bullish trend driven by central bank policy expectations and safe-haven demand. For investors with a medium- to long-term horizon, this consolidation may present a strategic opportunity to accumulate gold. However, short-term traders should brace for continued volatility and employ strict risk management, as highlighted in this guide to navigating commodity market volatility from Investopedia.<\/p>\n","protected":false},"excerpt":{"rendered":"
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