On Thursday, March 12, 2026, precious metals commenced trading on a marginally softer note on the Multi-Commodity Exchange of India. At the market opening, gold April futures were trading 0.10% lower at Rs 1,61,660 per 10 grams, while silver May futures were down 0.57% at Rs 2,66,969 per kg. Meanwhile, on the COMEX, as trading commenced on Thursday, March 12, 2026, precious metals exhibited a varied performance at the outset of the session. Spot gold decreased by 0.39% to $5,159 per ounce, dipping below the $5,200 threshold, whereas spot silver saw a slight increase of 0.12% to $85.65 per ounce.
Manoj Kumar Jain stated: “Gold and silver were unable to maintain their gains from previous sessions and fell once more, influenced by the strength of the dollar index and the U.S. 10-year bond yields, which have been affected by the escalation of the war in West Asia.” Iran has not reached an agreement to conclude the war in the near future and continues to target vessels transiting through the Strait of Hormuz. Crude oil prices surged once more, heightening concerns over inflation and constraining the advancements of precious metals. Investors are increasingly considering alternative safe-haven assets, directing their focus towards the U.S. dollar and bond markets. The U.S. inflation data aligned closely with market expectations and had minimal impact on precious metals.
Manoj Kumar Jain’s perspective for today: “We are witnessing significant price fluctuations in both precious metals. However, silver prices may maintain their support level of $74.00 per troy ounce, while gold prices could also sustain their support level of $4,940 per troy ounce on a closing basis this week.” We anticipate fluctuations in gold and silver prices this week, influenced by the instability in the dollar index, the US-Iran conflict, and the variability in crude oil prices. Gold is currently experiencing support levels between $5145 and $5100, with resistance identified in the range of $5220 to $5264 per troy ounce. Meanwhile, silver shows support at $82.80 to $79.10, while resistance is noted at $88.00 to $90.40 per troy ounce in today’s session. At MCX, gold shows support levels between 159800 and 159000, with resistance identified between 162700 and 163500. In the case of silver, support is observed at 265500 to 261600, while resistance is noted at 271000 to 275000. We recommend waiting for some stability in the markets before initiating fresh positions.”
“From a technical perspective, the market is witnessing long liquidation, with open interest declining 0.71% to 7,552 while prices dropped by Rs 1,514.” Gold currently finds itself with immediate support at 160,960. A breach below this level could lead to a test of 160,135. On the upside, resistance is identified at 162,880, and a breakthrough above this level may drive prices toward 163,975. “From a technical perspective, the market is experiencing long liquidation, as open interest decreased by 3.11% to 5,848, while prices declined by Rs 9,359.” Silver currently finds immediate support at 263,390, and a breach below this level could lead to a test of 258,295. On the upside, resistance is observed at 275,290, and a movement beyond this threshold could drive prices toward 282,095.