Gold, Silver Decline Sharply On Weekly Basis As Crude Prices Rise - Ommcom News

AI desk brief

Gold and silver fell sharply on the week as surging crude oil stoked inflation fears and reinforced expectations that global rates will stay higher for longer. Gold dropped 3.28% weekly and silver 7.83%, with Friday MCX December gold down 0.81% at Rs 1,42,150 and December silver down 1.75% at Rs 1,96,100/kg.

The move was amplified by weakness in US tech stocks, which triggered margin calls and forced liquidation across precious metals. Gold slipped below $4,000/oz for the first time since mid-July, while traders now price about a 78% probability of another Fed hike in December. Near-term Comex gold resistance is seen at $4,070–$4,100 and support at $3,970–$4,000; MCX gold resistance is Rs 1,43,000–Rs 1,43,700 with support at Rs 1,40,000–Rs 1,41,000.