Prices of precious metals moderated in the global market. Gold ($4,509.50/ounce) and silver ($75.50/ounce) were down 0.7 per cent each.

But in the domestic market, prices stayed flat and gold futures closed at ₹1,58,679/10 gm and silver futures ended at ₹2,71,846/kg.

MCX-Gold (₹1,58,679)

Gold futures (Jun) was oscillating in the narrow price band of ₹1,57,650-1,60,300 over the last week. Nevertheless, the outlook remains weak and we expect the contract to see a decline.

Once the fall begins, gold futures can quickly touch ₹1,48,500. Support below this level is at ₹1,40,000. But if the contract rallies, it can be capped at ₹1,63,000. If this level is breached, the uptrend can extend to ₹1,68,000.

However, as it stands, gold in the international market is weak and so, a rally in price is less likely. 

Trade strategy: Last week, we suggested going short on gold futures (Jun) at ₹1,58,550. Hold on to this trade and maintain stop-loss at ₹1,65,000. When the price drops to ₹1,53,000, revise the stop-loss to ₹1,55,000. Exit at ₹1,48,500.

MCX-Silver (₹2,71,846)

Silver futures (Jul) was moving within the price band of ₹2,66,000-₹2,77,000 over the past week. Going ahead, we expect the contract to break down below the support at ₹2,66,000 and witness another leg of a downtrend.

A breach of ₹2,66,000 can drag silver futures to ₹2,50,000. On the other hand, if the contract rises above ₹2,77,000, it will face another resistance at ₹2,88,000. 

Overall, as it stands, the bears are having the upper hand. 

Trade strategy: Short silver futures if it inches up to ₹2,85,000 for a better risk-reward ratio. Initial stop-loss can be ₹3,05,000. Book profits at ₹2,50,000. 

Published on May 23, 2026