Gold prices at 1-week low, silver shines with Rs 8,600 gap-up open. Here’s how to trade

Domestic bullion markets opened in the green on Tuesday, with silver futures surging sharply by Rs 8,599, or 3.83%, to Rs 2,33,028 per kg for the March 2026 contract on the MCX. In contrast, gold futures for February 2026 opened at Rs 1,35,782 per 10 grams, inching up by just Rs 840, or 0.62%, marking a sluggish start after recent volatility.

Gold prices slipped to a one-week low on Tuesday, while silver recovered after both precious metals witnessed heavy profit booking in the previous session, erasing intraday gains after hitting record highs.

Gold prices continued to hover near two-week lows, dragged down by aggressive year-end profit booking across the precious metals segment. The yellow metal had surged to an all-time high of USD 4,549.71 per ounce on Friday but failed to sustain those levels amid a broad sell-off.


By 01:45 GMT, spot gold edged up 0.4% to USD 4,347.67 per ounce, while US gold futures for February delivery traded 0.5% higher at USD 4,363.20. In the previous session, gold tumbled to its lowest level since December 17, marking its steepest single-day fall since October 21.

Back home, domestic bullion markets mirrored the weakness. On Monday, gold February futures closed at Rs 1,34,942 per 10 grams, down 3.53%, while silver March futures settled 6.40% lower at Rs 2,24,429 per kg. Both metals had earlier touched record intraday highs, with gold hitting USD 4,584 per troy ounce and silver reaching USD 82.67, before reversing gains sharply.

The abrupt turnaround came as traders locked in profits ahead of year-end holidays. According to Manoj Kumar Jain of Prithvifinmart Commodity Research, the correction was expected amid reduced participation and a risk-off sentiment as the year draws to a close.

Jain noted that geopolitical risks remain a key support factor. “Safe-haven demand could return due to escalating tensions between the US and Venezuela, and renewed friction between Russia and Ukraine after a reported drone strike on the Russian President’s residence,” he said.

Adding support to prices is the weak US Dollar Index, which hovered around 98.04 and remained flat as of 9:45 am. Volatility in the greenback could continue to influence price action in precious metals this week.

Jain expects continued choppiness in both gold and silver due to mixed global cues. “The upcoming release of Fed meeting minutes and ongoing geopolitical developments may keep price action erratic,” he said.

How to trade gold and silver

For those eyeing trade setups, Jain advises caution in the near term and suggests avoiding fresh positions until markets stabilise over the next one or two sessions.

Gold is expected to find support at Rs 1,33,300–Rs 1,31,800 and face resistance at Rs 1,36,600–Rs 1,38,000.

Silver has support around Rs 2,18,800–Rs 2,10,000 and resistance between Rs 2,32,000–Rs 2,40,000.

With bullion caught between profit-taking and geopolitical undercurrents, traders are advised to tread cautiously until clearer signals emerge in the new year.

Gold rates in physical markets

Gold price today in Delhi

Standard gold (22 carat) prices stand at Rs 1,01,856 per 8 grams, while pure gold (24 carat) is priced at Rs 1,09,728 per 8 grams.

Gold price today in Mumbai

Standard gold (22 carat) prices stand at Rs 1,00,992 per 8 grams, while pure gold (24 carat) is priced at Rs 1,08,712 per 8 grams.

Gold price today in Chennai

Standard gold (22 carat) prices stand at Rs 1,00,712 per 8 grams, while pure gold (24 carat) is priced at Rs 1,08,496 per 8 grams.

Gold price today in Hyderabad

Standard gold (22 carat) prices stand at Rs 1,00,928 per 8 grams, while pure gold (24 carat) is priced at Rs 1,08,696 per 8 grams.

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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.)