In today’s session, MCX silver futures for March 5, 2026, declined 1%, down Rs 2,565 to Rs 2,60,453 per kg. Gold futures for April 2, 2026, delivery also edged lower by Rs 1,054 or 0.6%, to Rs 1,57,701 per 10 grams.
In international commodity markets, spot gold slipped 0.4% to $5,058.64 per ounce by 0134 GMT, after gaining more than 1% in the previous session. Spot silver fell 1.4% to $82.87 per ounce, reversing part of Wednesday’s sharp 4% rally.
The U.S. dollar index (DXY) extended gains, building on Wednesday’s rally after a robust employment report signalled continued strength in the U.S. economy. A stronger dollar makes greenback-priced commodities such as gold and silver more expensive for holders of other currencies, weighing on demand.
What should investors do?
Manoj Kumar Jain of Prithvi Finmart said precious metals are currently witnessing very high price volatility, though silver is expected to hold its key support near $70 per troy ounce and gold near $4,770 per troy ounce on a weekly closing basis. He expects gold and silver to remain volatile in the near term amid fluctuations in the dollar index, ahead of key U.S. inflation data and ongoing geopolitical tensions.
For the current session, gold has support at $5,055–5,000 and resistance at $5,122–5,170 per troy ounce, while silver has support at $80.00–76.60 and resistance at $88.00–90.20 per troy ounce. On MCX, gold has support at Rs 1,57,500–1,56,000 and resistance at Rs 1,60,000–1,62,400, whereas silver has support at Rs 2,58,000–2,51,800 and resistance at Rs 2,71,000–2,80,000. Jain recommends buying gold and silver on dips as long as gold holds Rs 1,55,500 and silver holds Rs 2,50,000 on a closing basis, with near-term upside targets of around Rs 1,62,500 for gold and Rs 2,80,000 for silver.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 1,17,168/8 grams while pure gold (24 carat) prices stand at Rs 1,27,808/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,17,048/8 grams while pure gold (24 carat) prices stand at Rs 1,27,688/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,18,328/8 grams while pure gold (24 carat) prices stand at Rs 1,29,088/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,17,048/8 grams while pure gold (24 carat) prices stand at Rs 1,27,688/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)