Gold futures commenced the trading session on the MCX with a modest decline on Tuesday, as market participants exhibited caution in anticipation of significant U.S. macroeconomic data that may provide insights into the Federal Reserve’s interest rate path. The January jobs report, set to be released on Wednesday, is anticipated to shed light on labour market dynamics, while the forthcoming inflation data on Friday will be monitored for additional policy indications. In today’s session, MCX silver futures for March 5, 2026 experienced a decline of 2%, decreasing by Rs 4,905 to reach Rs 2,57,715 per kg. Gold futures scheduled for delivery on April 2, 2026, experienced a decline of Rs 2,005, representing a 2% decrease, settling at Rs 1,56,001 per 10 grams.
In international commodity markets, gold and silver experienced a slight decline. Spot gold declined by 0.36% to $5,066.56 per ounce following a 2% increase in the prior session, influenced by a weaker dollar. The metal reached an unprecedented peak of $5,594.82 per ounce on January 29. Spot silver declined by 0.44% to $81.20 per ounce, after experiencing a nearly 7% increase in the previous session. The metal reached an unprecedented peak of $121.64 per ounce on January 29. What strategies should one employ when trading gold and silver?
Manoj Kumar Jain noted that both precious metals are experiencing significant price fluctuations, with silver expected to maintain support near $65 per troy ounce, while gold is projected to sustain support around $4,680 per troy ounce on a closing basis this week. He anticipates persistent volatility in gold and silver prices, influenced by variations in the dollar index, the partial U.S. government shutdown, and enduring geopolitical tensions. In the present trading session, gold exhibits support within the $5,024–4,970 range and faces resistance at $5,122–5,164 per troy ounce. Silver exhibits support within the range of $78.80 to $76.00 and encounters resistance between $84.40 and $88.00 per troy ounce.
On the MCX, gold exhibits support levels between Rs 1,56,600 and Rs 1,54,800, with resistance identified in the range of Rs 1,59,100 to Rs 1,60,600. In contrast, silver shows support at Rs 2,55,500 to Rs 2,48,800, while resistance is observed between Rs 2,68,000 and Rs 2,74,000. Jain suggests purchasing gold within the Rs 1,56,600–1,55,000 range, implementing a stop loss beneath Rs 1,54,000, with target prices set at Rs 1,59,100–1,60,600. He also recommends purchasing silver within the Rs 2,56,000–2,52,000 range, implementing a stop loss beneath Rs 2,47,700, with target prices set at Rs 2,66,000–2,72,000.