Gold ($5,021/ounce) and silver ($80.60/ounce) fell 2.9 per cent and 4.5 per cent respectively over the last week. In the domestic market, gold futures (₹1,58,466/10gm) lost 2 per cent whereas silver futures (₹2,59,435/kg) was down 3.3 per cent. Below is an analysis.

MCX-Gold (₹1,58,466)

For the last three weeks, gold futures (April) has largely been trading flat. Barring the rise to ₹1,69,880 on March 2, the contract was largely held within ₹1,58,000 and ₹1,64,000.

The breakout on March 2 and a trendline support for the contract had kept the bias positive. But the prolonged consolidation is taking the strength out of the bulls. 

If gold futures can rebound from ₹1,58,000, it can retain the upward tilt. Otherwise, the bears can take over and the price might drop to ₹1,50,000.

Trade strategy: Retain the buy on gold futures (April) initiated at ₹1,61,634. But revise the target and stop-loss from ₹1,80,000 to ₹1,72,000 and ₹1,54,000 to ₹1,56,000 respectively to account for the loss in bullishness. 

MCX-Silver (₹2,59,435)

Silver futures (May), too, has been in a sideways crawl over the past three weeks. It has been oscillating between ₹2,58,000 and ₹2,82,000, except for a brief rise to ₹2,97,799 on March 2. 

While the price action of silver futures is similar to that of gold futures, the price of the former is below both 21- and 50-day moving averages, showing some weakness.

In case the support at ₹2,58,000 is breached, it can open the door for a quick decline to ₹2,33,000. The outlook will become positive only if silver futures breaks out of ₹2,82,000.

Trade strategy: Stay out for now. Go short on silver futures if it breaches the support at ₹2,58,000. Target and stop-loss can be ₹2,33,000 and ₹2,71,000 respectively.

Published on March 14, 2026