Gold ($4,349.40/ounce) and silver ($64.50/ounce) were down 1.8 and 2.6 per cent, respectively. In the domestic market, gold futures (₹1,52,784/10 gm) closed flat whereas silver futures (₹2,34,974/kg) was down 1.1 per cent.

Gold (Oct) futures remained flat through last week, oscillating between ₹1,50,500 and ₹1,54,400. Thus, the contract was able to stay above the support at ₹1,50,000. So long as this level holds well, the probability for a recovery will be high.

We expect gold futures to begin the rally soon. In the short-term, the contract can surpass the resistance at ₹1,57,000 and rally to ₹1,67,000.

However, if the support at ₹1,50,000 is breached, the downtrend can extend to ₹1,44,000. Support below ₹1,44,000 is at ₹1,40,000.

Trade strategy: Last week, we suggested buying gold (Oct) futures at ₹1,52,700 with a stop-loss at ₹1,49,000. Retain this trade. When the contract goes up to ₹1,60,000, revise the stop-loss to ₹1,55,000. Book profits at ₹1,67,000.

Silver (Dec) futures fell 1.1 per cent over the last week. However, it did not break below the important base at ₹2,30,000.

Until the support at ₹2,30,000 is true, the bulls will have an upper hand in the near-term. So, silver futures is expected to rebound from the current level and touch ₹2,60,000.

On the other hand, if the contract falls below the support at ₹2,30,000, the downtrend can gain momentum, dragging the price down to ₹2,25,000, a support. Subsequent support is at ₹2,18,500.

Trade strategy: We suggested going long on silver (Dec) futures at ₹2,37,500 last week. Retain this trade and maintain the stop-loss at ₹2,29,000. When the contract rises to ₹2,50,000, raise the stop-loss to ₹2,42,000. Book profits at ₹2,60,000.

Published on September 12, 2026