Gold futures experienced further declines on MCX on Thursday, ending a two-day winning streak as reports of impending U.S.-Iran discussions in Oman on Friday reduced the appeal for safe-haven assets. Officials from both sides have verified the ongoing discussions, yet significant disparities persist — with Washington advocating for the inclusion of Iran’s missile program in the negotiations, while Tehran has maintained that discussions will focus solely on its nuclear agenda. In today’s session, MCX silver futures for March 5, 2026, experienced a significant decline of 10%, increasing by Rs 25,844 to reach Rs 2,43,006 per kg. Gold futures for April 2, 2026 delivery decreased by Rs 4,591, reflecting a decline of 3%, settling at Rs 1,48,455 per 10 grams.
In international markets, spot silver experienced a significant decline of 16.6% on Thursday, after briefly rising above $90 an ounce during early Asian trading. In the meantime, spot gold experienced a decline of up to 3.5% amid volatile trading conditions. MCX has implemented extra margins on gold and silver futures across all variants following a routine risk assessment. An additional margin of 4.5% on silver futures and 1% on gold futures was implemented starting February 5, 2026 (beginning of day). Effective February 6, 2026, at the start of the day, an additional margin of 2.5% will be applied to silver and 2% to gold. This adjustment will bring the total additional margin to 7% for silver and 3% for gold.
Increased margins necessitate a greater capital commitment for maintaining positions, which frequently results in diminished leverage and a potential unwinding of trades in the short term. This may lead to heightened volatility and could exert short-term pressure on prices — especially in silver — although it may also contribute to the stabilization of excessive speculative fluctuations over time. Manoj Kumar Jain noted that precious metals are experiencing significant price fluctuations, with silver expected to maintain support near $71 per troy ounce and gold around $4,440 per troy ounce on a weekly closing basis. He anticipates ongoing fluctuations in gold and silver this week, influenced by variations in the dollar index, a partial U.S. government shutdown, and persistent geopolitical tensions. In the short term, he identifies gold support levels at $4,884–$4,770 and resistance levels at $5,000–$5,145 per troy ounce, whereas silver shows support at $81.20–$78.00 and resistance at $88.80–$92.40 per troy ounce.
On MCX, gold is positioned with support levels at Rs 150500–Rs 147700 and resistance levels at Rs 156800–Rs 160000. In contrast, silver shows support at Rs 261100–Rs 255000 and resistance at Rs 278000–Rs 286000. Jain advises purchasing gold if it surpasses Rs 154000, setting a stop loss beneath Rs 151800, aiming for targets between Rs 156800 and Rs 158500. Additionally, he suggests buying silver above Rs 270000, with a stop loss below Rs 261100, targeting a range of Rs 278000 to Rs 284000.