Vikram Subburaj, CEO, Giottus.com
Gold and silver futures are showing different trends in early market indications on October 21. Gold remains under pressure, while silver is attempting a modest recovery. Investors are weighing inflation concerns and the outlook for US interest rates, both of which could influence bullion prices in the coming sessions.
On the MCX, December gold futures were quoted at Rs. 1,46,555 per 10 grams at 6:38 a.m. IST, down 0.48% from the previous close of Rs. 1,47,266. The contract traded between Rs. 1,45,781 and Rs. 1,47,350. December silver futures were quoted at Rs. 2,11,500 per kg at 1:22 a.m. IST, up 0.80% from the previous close of Rs. 2,09,828. Silver traded in a range of Rs. 2,08,084 to Rs. 2,13,437.
These are pre-opening reference quotes captured at different times. The regular MCX daytime session begins at 9 a.m. IST. Fresh prices after the opening will offer a clearer picture of market direction.
Internationally, spot gold fell 0.3% to $4,125.90 an ounce on October 20, while US December gold futures declined 0.4% to $4,142.60, according to Reuters. Inflation risks, the US dollar and Treasury yields remain important drivers. Expectations around the Federal Reserve's next policy moves could keep volatility elevated.
For domestic traders, gold needs to regain Rs. 1,47,000 to signal near-term stabilisation. Support around Rs. 1,45,000 remains important. Silver has support near Rs. 2,08,000, while a sustained move above Rs. 2,13,000 would strengthen its recovery prospects.
Investors should avoid reading a single session's move as a confirmed trend. Track the MCX opening, the rupee, the dollar and US yields before taking fresh positions. In this environment, disciplined position sizing matters more than chasing short-term price swings.