Gold Prices Slip 0.73% After Multi Week Highs; Silver Declines Sharply
Precious Metals See Weekly Pullback Amid Strong US Dollar and Profit Booking
New Delhi, March 14: Gold prices declined 0.73 percent during the week as investors booked profits after the metal reached multi week highs.On Friday, MCX gold February futures slipped 0.04 percent, while MCX silver March futures recorded a sharper fall of 3.24 percent. Gold futures were trading at Rs 1,58,400, while silver futures stood at Rs 2,59,279 per kg.
According to data published by the India Bullion and Jewellers Association, the price of 10 grams of 24 carat gold was Rs 1,58,399 on Friday, down from Rs 1,59,568 recorded on Monday.
Strong US Dollar and Rate Expectations Weigh on Precious Metals
Precious metal prices struggled to sustain higher levels as the US dollar strengthened and expectations around interest rates shifted during the week.Despite the recent decline, gold continues to draw demand as an inflation hedge, providing an underlying cushion to prices.
Market participants noted that crude oil prices remain elevated due to persistent concerns over supply disruptions. This environment has kept inflation risks in focus and supported interest in the yellow metal.
Geopolitical Developments Add to Energy Market Concerns
Concerns around global energy supplies intensified after the United States destroyed military targets on Iran's main oil hub at Kharg Island on Friday. The facility serves as the export terminal for about 90 percent of Iran's oil shipments.The development has raised fears of further disruptions in global energy supply chains.
Technical Levels in Focus for Gold and Silver
Market activity remained active around key technical zones as traders responded to intermittent profit taking and intraday reversals across several commodities.For MCX gold, resistance is seen near the Rs 1,63,000 to Rs 1,63,200 range. Meanwhile, the Rs 1,58,000 to Rs 1,57,500 levels continue to act as a strong demand zone.
Silver extended its corrective decline during the week after failing to sustain above the Rs 2,80,000 to Rs 2,92,000 resistance zone. The key support region for MCX silver is currently placed between Rs 2,58,000 and Rs 2,54,000.
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The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.
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