There has been some relief in rising gold prices after a sustained surge in recent weeks. The gold futures contract for August 2022 closed at ₹50,603 per 10 grams, down by about ₹1,000 from its previous week's high. Spot gold closed at the level of 1826 per ounce. Due to weakness in the prices of base metals, silver prices on the MCX were in correction after last week's rise and closed at Rs 59,749 per kg. Silver fell 2.57 percent to close at $21.11 an ounce on the MCX.
According to bullion experts, spot gold prices have immediate support at $1810 per ounce and strong support at the level of $1770. Immediate support for spot silver prices is at the level of $20.50 while the strong support for spot silver is at the level of $20. The immediate support to gold prices on mcx is at the level of ₹49,900 while the strong support is at the level of ₹49,200 per 10 grams.
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