Gold Prices Dip on MCX While Rising in Global Markets

Gold and Silver Futures Split Between Domestic and Global Markets

The contrast in prices and futures positioning leaves traders watching key MCX support and resistance levels.

Different moves across domestic and global contracts

Gold and silver futures delivered a split signal on Wednesday. On the MCX, December gold was trading at ₹1,39,312 per 10 grams, down ₹140 from its previous close of ₹1,39,452. The corresponding Comex contract was near $3,948.60 an ounce, up $8.20 from its previous close of $3,940.40.

Silver weakened on both exchanges. MCX December silver stood at ₹1,77,882 per kg, down ₹1,816 from the previous close, while Comex silver was near $49.29 an ounce, lower by $0.46. These prices are quoted in different currencies and units, so the two markets’ moves are not directly comparable. Still, their divergence in gold underscores that domestic and international futures can give investors different short-term signals.

Gold had opened lower on the MCX before extending its decline, while silver initially opened higher and then reversed. The intraday shifts show why the opening price alone may not capture the direction traders ultimately face.

Open interest points to different trading behaviour

The technical reading cited for gold was consistent with fresh short positions: open interest rose 0.87% to 16,282 contracts as prices declined by ₹734. Rising open interest alongside falling prices can indicate that traders are adding positions in anticipation of further weakness, though it does not establish how prices will move next.

Silver showed a different pattern. Open interest fell 0.61% to 16,830 contracts as prices declined by ₹4,081, a combination described as long unwinding. That points to existing positions being closed rather than the same pattern of new short positions reported for gold. For investors, the distinction offers context on positioning, but should not be treated as a standalone trading signal.

MCX levels put the next moves in perspective

For gold, support is placed at ₹1,38,070, with a break below that level potentially exposing ₹1,36,690. On the upside, resistance at ₹1,40,620 is the level to watch; a sustained move above it could open a recovery towards ₹1,41,800. With the contract trading near ₹1,39,312 at the time of writing, both thresholds remain relevant to the near-term outlook.

Silver’s support is at ₹1,75,670. A sustained fall below it could extend weakness towards ₹1,71,640. Resistance is seen at ₹1,83,310, with a move above that level potentially allowing a recovery towards ₹1,86,910. These are technical reference points, not assured price targets.

Key Highlights

• MCX gold was down ₹140 at ₹1,39,312 per 10 grams, while Comex gold gained $8.20 to $3,948.60 an ounce.
• MCX silver fell ₹1,816 to ₹1,77,882 per kg; Comex silver declined $0.46 to $49.29 an ounce.
• Gold open interest rose 0.87% as prices fell, a pattern associated with fresh short positions.
• Silver open interest dropped 0.61% alongside lower prices, indicating long unwinding.
• Key MCX support levels are ₹1,38,070 for gold and ₹1,75,670 for silver.

Investor Note: The mixed moves and changing open-interest patterns argue for caution rather than a directional conclusion based on a single session. Investors tracking gold and silver futures may want to watch whether the stated support and resistance levels hold, while recognising that technical levels and positioning indicators cannot guarantee future price moves.