The MCX Gold and Silver futures have declined 5.8 per cent and over 13 per cent from their respective peaks registered on February 02, 2023, so far. While, Silver futures have been trending with a negative bias for quite some time now, Gold futures too have now dipped below key moving averages.
The next significant supports for the Gold and Silver prices stand at Rs 54,000 and Rs 62,000. On the upside, the short-term moving averages are likely to act as resistances.
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