On the MCX, gold December futures were trading at ₹1.49 lakh per 10 grams, up 0.32%, while silver December futures stood at ₹2.26 lakh per kg, higher by 0.11%.
Gold’s recovery comes as markets reassess expectations around the US Federal Reserve’s monetary policy. Softer US employment data has reduced expectations of an immediate rate hike, although a stronger dollar and elevated US Treasury yields remain headwinds for bullion.
Nirpendra Yadav, Senior Research Analyst at Bonanza, said gold has started the week on a firmer note after its late-September correction. He expects the market to remain volatile and sees ₹1.46 lakh per 10 grams as an important support for MCX gold, while ₹1.53–1.55 lakh per 10 grams could act as the initial resistance zone.
“Fresh buying should preferably be considered on dips rather than chasing the recovery at higher levels,” Yadav said.
Vedika Narvekar, Research Analyst—Commodities & Currencies at Anand Rathi Share and Stock Brokers, said gold was holding around $4,140 an ounce as markets weighed the stronger dollar and rising yields against the Fed’s rate outlook. She noted that markets were pricing in a 21% probability of an October rate hike, down from more than 50% a week earlier.
For the international market, Narvekar sees $4,100 an ounce as a key support and $4,200 as resistance. On MCX, she puts immediate support at ₹1.48 lakh per 10 grams, with resistance at ₹1.50 lakh per 10 grams.
Gaurav Garg, Head of Research at Lemonn, said gold and silver were both facing pressure from the dollar and elevated US yields, while crude oil was gaining amid West Asia-related supply concerns. He said the rupee near 96.32 to the US dollar is also an important factor for Indian commodity prices.
Meanwhile, silver has been showing comparatively stronger price action. Vikram Subburaj, CEO of Giottus.com, said the MCX December silver contract was holding above ₹2.25 lakh per kg, with buyers defending lower levels. He sees ₹2.28–2.30 lakh per kg as the next zone to watch, while ₹2.25 lakh per kg remains an important support.
For gold, Subburaj said the ₹1.50–1.51 lakh per 10 grams zone has emerged as an area where selling is visible after the contract moved above ₹1.50 lakh per 10 grams on October 5.