Gold and silver prices in India fell on Tuesday. December gold futures dropped 1.14% to ₹1,21,521 per 10 g, while silver futures slipped 1.75% to ₹1,52,600 per kg.
The decline comes as the US dollar strengthened, making gold costlier for investors using other currencies. Expectations of a Federal Reserve interest rate cut in December have also diminished, reducing demand for safe-haven assets.
Analysts say gold has support around ₹1,21,780–1,22,350 per 10 g and resistance near ₹1,23,750–1,24,500 per 10 g. Silver support is at ₹1,52,100–1,53,850 per kg with resistance around ₹1,56,540–1,57,280 per kg.
Despite the dip, domestic demand remains steady, especially ahead of the wedding season, according to Aksha Kamboj, VP of the India Bullion & Jewellers Association. She suggests buyers could consider gradually entering the market during this price correction.
Investors are advised to monitor global developments closely, as gold and silver prices may continue to fluctuate in the short term.