Mumbai: Gold and silver prices edged higher on Monday, recovering from an early dip as global cues remained mixed, leaving investors wondering whether to enter now or stay on the sidelines.

On the Multi Commodity Exchange of India, gold was trading at ₹1,47,683 (up ₹428), while silver stood at ₹2,28,395 (up ₹441) at the time of writing.

Gold holds key support levels

Market experts say gold is showing resilience despite intraday volatility.

According to analysts, the ₹1,46,000 level is acting as a strong support zone, indicating steady buying interest. As long as prices hold above this band, the broader trend remains cautiously positive.

On the upside, gold faces immediate resistance in the ₹1,49,000–₹1,50,000 range. A sustained breakout above this zone could trigger stronger bullish momentum, with potential upside targets of ₹1,53,000 and even ₹1,58,000 in the medium term.

Downside risks still in play

Despite the stability, risks remain if support levels are breached.

A fall below ₹1,44,000 could lead to profit booking and sharper corrections. This suggests that while sentiment is stable for now, it is not immune to sudden global shifts.

Silver mirrors gold’s trend

Silver is also showing a similar pattern of cautious strength.

The metal is holding above the ₹2,26,000 level, which is acting as immediate support. On the upside, ₹2,32,000 is the next key resistance. A breakout above this could push prices towards ₹2,37,000–₹2,40,000.

However, if silver slips below ₹2,20,000, it may trigger a deeper correction towards ₹2,15,000, with stronger support seen in the ₹2,00,000–₹2,05,000 range.

Global cues keep outlook mixed

Globally, bullion markets are navigating a complex environment.

A softer US dollar is supporting gold prices, but rising energy costs are fuelling inflation concerns. At the same time, expectations of fewer interest rate cuts in the US are limiting upside.

Higher interest rates typically reduce the appeal of gold, as it does not generate fixed returns. However, inflation fears continue to support demand for the metal as a hedge.

Invest now or wait?

For investors, the current phase calls for caution rather than aggressive buying.

  • Long-term investors: Gradual buying on dips may be a sensible strategy, especially if gold holds above key support levels
  • Short-term traders: Volatility is likely to remain high, making it important to track global cues and technical levels closely

Conclusion

Gold and silver are showing signs of stability, but the lack of a clear directional trend suggests a wait-and-watch approach. While long-term investors can consider staggered buying, chasing prices at higher levels may carry risks in the current uncertain environment.