Gold futures experienced a rebound driven by bargain-hunting, following a significant decline of up to 10% in the prior session, as investors took advantage of the lower price levels. The pronounced downturn ensued after a notable increase in the US dollar, prompted by stronger-than-anticipated employment figures for January, which subsequently diminished projections for imminent interest rate reductions. In today’s session, MCX silver futures for March 5, 2026 increased by 2.2%, rising by Rs 5,363 to reach Rs 2,41,798 per kg. Gold futures for April increased by Rs 2,001, or 1.3%, reaching Rs 1,54,837 per 10 grams.
In the previous session, silver March futures concluded 10% lower, declining by Rs 26,000 to settle at Rs 2,36,435 per kilogram. Gold experienced a decline of more than Rs 6,000, representing a 4% drop, concluding at Rs 1,52,836 per 10 grams. In international commodity markets, gold and silver experienced a rebound on Friday, driven by bargain-hunting following a decline that saw both metals reach one-week lows in the preceding session. Spot gold increased approximately 1% to $4,966.83 per ounce, rebounding after a decline exceeding 3% in the prior session that had driven prices beneath the significant $5,000 threshold. Spot silver increased by 2.1% to $76.76 per ounce, recovering from an 11% decline observed on Wednesday.
Meanwhile, the U.S. dollar exhibited relative stability against major peers, maintaining its position in the wake of mixed economic data. A stronger dollar generally increases the cost of dollar-denominated metals for holders of alternative currencies, potentially dampening demand. Manoj Kumar Jain noted that the bullion markets are experiencing significant volatility due to various global factors, such as inflation data from the United States, ongoing nuclear deal discussions between the U.S. and Iran, the Lunar New Year holidays in China, and reports concerning negotiations between the U.S. and Russia. He anticipates that gold will maintain significant weekly support close to $4,770 per troy ounce, while silver is projected to stabilize around $65 per troy ounce.
Gold encounters support within the $4,910–4,840 range, with resistance positioned at $5,055–5,122. In contrast, silver shows support at $70–65 and resistance fluctuating between $80.40–84.80 per troy ounce. On MCX, gold exhibits support levels ranging from Rs 1,50,000 to Rs 1,46,600, while resistance is identified between Rs 1,54,000 and Rs 1,57,200. In contrast, silver shows support at Rs 2,28,800 to Rs 2,20,000, with resistance levels set at Rs 2,44,000 to Rs 2,51,000. Jain recommended that investors refrain from establishing new positions at this time.