On Tuesday, gold futures commenced trading lower on the Multi-Commodity Exchange, reflecting a backdrop of muted global indicators. Trading activity was subdued as major Asian markets, such as Mainland China, Hong Kong, Singapore, Taiwan, and South Korea, observed closures for the Lunar New Year holidays. The strengthening of the U.S. dollar exerted additional pressure on bullion prices, constraining any significant upward movement in precious metals. MCX Gold futures set for April 2026 experienced a decline of Rs 1,210, reflecting a decrease of 0.80%, bringing the price to Rs 1,53,550 per 10 grams. Meanwhile, silver futures for March 5, 2026, delivery decreased by Rs 4,685 or 2% to Rs 2,35,206 per kg.
In the previous session, MCX Gold futures due April 2026 declined by Rs 1,000, reflecting a decrease of 0.64%, settling at Rs 1,54,897 per 10 grams. In the interim, silver futures scheduled for delivery on March 5, 2026, increased by Rs 310, reflecting a 0.13% rise, reaching Rs 2,40,201 per kg. In the international market, Gold prices experienced a decline on Tuesday, influenced by a stronger U.S. dollar that exerted pressure on bullion. Spot gold declined by 0.9% to $4,947.98 per ounce as of 0110, having previously decreased by as much as 1% earlier in the session. U.S. gold futures for April delivery experienced a decline of 1.6%, settling at $4,966.80 per ounce. Meanwhile, spot silver experienced a decline of 2.7%, settling at $74.51 per ounce, following a drop exceeding 3% earlier in the day.
The U.S. dollar index experienced an increase of 0.2% relative to a selection of currencies, resulting in higher costs for dollar-denominated gold for those holding alternative currencies, which in turn has a negative impact on demand. According to Manoj Kumar Jain, the closure of Chinese markets for the week in observance of the Lunar New Year has resulted in diminished trading volumes in precious metals, thereby constraining potential gains. However, he observed that geopolitical risks and a moderation in U.S. inflation might provide support to prices. The decline of the U.S. 10-year bond yield beneath 4.10% could create a favorable environment for gold and silver. He noted that both precious metals are experiencing increased volatility. Silver is expected to sustain its support at $65 per troy ounce, whereas gold may uphold its support around $4,770 per troy ounce on a weekly closing basis. Price stability is anticipated to be elusive, influenced by variations in the dollar index, ongoing U.S.–Iran negotiations, and overarching geopolitical tensions.
In the current session, Jain identifies support for gold at $4,970–4,915 and resistance at $5,045–5,080 per troy ounce. Silver exhibits support within the range of $74.00 to $71.20 and encounters resistance between $78.00 and $80.40 per troy ounce. On the MCX, gold exhibits support levels at Rs 1,53,150–1,51,800 and resistance levels at Rs 1,55,500–1,56,700. In contrast, silver shows support at Rs 2,34,000–2,28,800 and resistance at Rs 2,44,000–2,47,700. He recommended refraining from new positions in silver until market conditions stabilize. For gold, he suggests purchasing during pullbacks in the Rs 1,53,800–1,53,100 range, implementing a stop loss beneath Rs 1,52,500, and aiming for an upside target of Rs 1,55,000–1,55,800, specifically for intraday transactions.