Gold Dips 1% While Silver Gains Amid Geopolitical Uncertainty

On October 5, 2026, gold and silver markets displayed divergent trends as geopolitical risks and US dollar movements influenced prices. Gold futures for December delivery on the Multi Commodity Exchange fell 0.8%, trading at Rs 1,49,184 per 10 grams, marking a decline of Rs 1,206 from the previous close. The yellow metal hit an intraday low of Rs 1,48,850, down 1.02% from its opening price of Rs 1,51,197.

In contrast, silver futures for December rose 0.2%, trading at Rs 226,340 per kg, up Rs 463 from the previous close. Silver saw an intraday high of Rs 2,26,999, a 0.49% increase from its opening price of Rs 2,25,900.

Analysts noted that gold's decline below Rs 150,000 has turned that level into an immediate resistance zone, with key resistance levels identified at Rs 151,000-151,600 and Rs 152,500-153,000. Support for gold is seen at Rs 148,000-147,300, followed by Rs 146,000-145,300. The technical outlook for gold remains cautious, with the Relative Strength Index at 43 and the Moving Average Convergence Divergence indicator in negative territory.

Silver, meanwhile, is outperforming gold and holding above the Rs 224,000 support zone. Analysts see immediate resistance at Rs 227,000-228,000, followed by Rs 231,000-232,000. A sustained move above Rs 228,000 could strengthen silver's recovery, while a break below Rs 224,000 could drag it towards Rs 220,000.

Geopolitical developments, particularly tensions involving Iran, remain a key factor influencing bullion markets. US President Donald Trump's recent remarks about potential military action against Iran or reaching a deal with Tehran have added to market uncertainty.