Mumbai, Nov 24
Gold prices fell sharply on Monday as weak chances of a US Federal Reserve rate cut and easing geopolitical tensions weighed on investor sentiment.
A stronger US dollar also added pressure on the precious metal.
On the Multi Commodity Exchange (MCX), gold December futures dropped 1 per cent to Rs 1,22,950 per 10 grams.
Silver followed the trend, with December futures falling 0.61 per cent to Rs 1,53,209 per kg in early trade.
“In INR gold has support at Rs1,23,450-1,22,480 while resistance at Rs1,24,750-1,25,500,” analysts said.
“Silver has support at Rs1,53,050-1,52,350 while resistance at Rs1,55,140, 1,55,980,” they added.