In global commodity markets, precious metals recovered sharply after the previous session’s sell-off, with spot silver rising 2.1% to $77.27 an ounce, recovering from an 11% decline a day earlier. Spot gold also rose 2.33% to $5,063 and is now up more than 1% this week. The recovery comes after the precious metal fell almost 3% on Thursday, to the lowest level in almost a week.The U.S. consumer price index rose 0.2% in January, below economists’ expectations of a 0.3% increase, after rising 0.3% unchanged in December, the Labor Department said.
Gold and silver levels for Monday
MCX Gold continues to demonstrate structural resilience despite global consolidation, supported by the relative strength of the USD/INR. The support band of Rs 1,50,000 remains a strong demand absorption zone, attracting both physical buying and investment flows, strengthening the integrity of the ascending channel over the medium term.
“Price behavior at lower levels indicates accumulation rather than distribution. A sustained move above Rs 1,60,000 would likely revive bullish momentum towards Rs 1,65,000 – Rs 1,70,000+ while significant downside risk remains contained unless COMEX gold decisively breaks its structural support clusters,” said Ponmudi R, CEO of Enrich Money. MCX Silver continues to build a sustainable base within the structural support zone of Rs 2,33,000 – Rs 2,35,000. The price action reflects gradual absorption, with downward momentum significantly weaker compared to the previous week’s volatility spike. The compression of volatility at these levels indicates accumulation rather than liquidation.
A decisive break above Rs 2,65,000 would likely attract momentum stock targeting Rs 2,80,000+ in the medium term, supported by tighter global supply dynamics and steady industrial decline.
(Disclaimer: Recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of The Economic Times)
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