Gold and silver prices are expected to stay in focus during the Navratri week, influenced by US inflation data, Treasury yields, Federal Reserve policy expectations, and Middle East geopolitical tensions. After early-week pressure, both metals recovered on Friday as the dollar and US bond yields eased, though risks from potential monetary tightening persist.
On the Multi Commodity Exchange (MCX), gold futures for December delivery rose ₹1,893, or 1.27%, to ₹1,51,503 per 10 grams. The contract saw a business turnover of 5,341 lots, supported by fresh positions and firm spot demand. Silver traded at ₹2,25,820 per kg, up ₹65, or 0.03%, recovering from early-week declines but remaining weaker than gold technically.
The recovery followed easing US Treasury yields and a softer dollar, offsetting concerns over persistent inflation and potential Fed rate hikes. Domestically, the rupee's weakness near record lows boosted bullion prices by making dollar-denominated commodities more expensive.
Ponmudi R, CEO of Enrich Money, noted that gold's near-term direction depends on dollar and global bond yield movements. Geopolitical developments and rupee fluctuations will also impact domestic bullion. Gold's technical outlook is mildly positive, while silver's trend is weak but stabilizing. Key support and resistance levels for both metals were highlighted to guide traders.