MCX Gold futures due April 2026 increased by Rs 1,885, representing a rise of 1.2%, reaching Rs 1,53,303 per 10 grams. In the meantime, silver futures set for delivery on March 5, 2026, increased by Rs 4,556, representing a 2% rise, reaching Rs 2,33,339 per kg. In the international market, gold declined by 0.2% to approximately $4,867 per ounce, while silver experienced a comparable decrease, settling at around $73.30 per ounce. According to analysts, gold prices have experienced a decline due to the strengthening of the US dollar, which has exerted pressure on the market. Meanwhile, the decrease in U.S. Treasury yields has offered only marginal support.
They noted that trading in Asia continued to be subdued, as investors maintained a cautious stance in the face of uncertainty. Optimism regarding the alleviation of geopolitical tensions, spurred by encouraging signals from the Iran-US discussions in Geneva, has contributed to a decline in safe-haven demand for gold. Manoj Kumar Jain noted that precious metals are experiencing significant price fluctuations, although it is anticipated that crucial support levels will remain intact. He anticipates that silver will sustain support at $63.90 per troy ounce, while gold is projected to remain at $4,770 per troy ounce on a weekly closing basis.
He noted that gold and silver are expected to exhibit volatility in response to variations in the dollar index, the continuing discussions between the US and Iran, forthcoming critical US economic indicators, and overarching geopolitical tensions. In the short term, gold exhibits support within the $4,880-4,824 range and faces resistance at $4,955-5,000 per troy ounce. Silver exhibits support within the range of $71.20 to $68.80 and faces resistance between $76 and $78.40 per troy ounce in the present trading session.
On MCX, he identifies gold support levels at Rs 1,49,800-1,47,700 and resistance levels at Rs 1,53,150-1,55,500. Silver exhibits support levels between Rs 2,24,400 and Rs 2,18,800, while resistance is observed in the range of Rs 2,32,200 to Rs 2,36,000. Jain recommended refraining from establishing new positions in both metals this week, referencing the holiday in Chinese markets and the ongoing discussions surrounding US-Iran negotiations.