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A heavy open interest pick up was witnessed in MCX Gold on 1 October 2013. Gold contract for December expiry declined by almost 3% to settle at Rs 29028 per 10 grams. A low of Rs 29815 per 10 grams was tested in Gold. Further correction looks probable in this metal. Continuation of the short build ups will mean that Gold can be dragged near to Rs 28500 in near term. Meanwhile, Rs 29600 and 29900 per 10 grams has become a intermediate resistance for Gold. In Silver, panic selling can derail the prices towards Rs 47000 and 46600 per kg on MCX. The December futures closed at Rs 47902 per kg, down 2.6%.