Filmy Duniya

Manoj Kumar Jain told ET that a concrete peace settlement between the United States and Iran may be necessary to provide stability and support to the bullion market. According to him, silver is expected to find support near $64 per troy ounce, while gold could maintain levels above $4,343 per troy ounce on a weekly closing basis.

He further noted that volatility in precious metals is likely to persist throughout the week due to movements in the dollar index, changes in crude oil prices and ongoing uncertainty over a potential peace understanding between the U.S. and Iran.

Jain stated that gold currently has support in the range of $4,515-$4,470 per troy ounce, with resistance placed around $4,600-$4,640 per troy ounce. For silver, support is seen between $75.50 and $72 per troy ounce, while resistance levels are placed at $80-$82.80 per troy ounce during the ongoing session.
On the MCX, he identified gold support levels at Rs 1,57,000-Rs 1,55,500 and resistance between Rs 1,59,400 and Rs 1,60,650. For silver, support is expected near Rs 2,66,600-Rs 2,61,200, while resistance is likely around Rs 2,77,700-Rs 2,83,000.

He also advised investors to avoid initiating fresh positions in bullion until the market shows signs of greater stability.