Gold and silver prices commenced the day on a positive note on the MCX on Friday, buoyed by a decline in oil prices over the week. Investors are keenly anticipating the U.S. nonfarm payrolls report for new insights regarding the trajectory of the Federal Reserve’s interest rate policy. In the domestic market, silver futures for September 2026 delivery increased by Rs 2,864, reaching Rs 2,28,700 per kg. Gold futures for October 2026 delivery increased by Rs 866, reaching Rs 1,49,724 per 10 grams. With today’s increase, the two have risen by Rs 11,016 (5.2%) and Rs 6,335 (4.4%) over the course of three sessions. U.S. President Donald Trump stated on Thursday his belief that the conflict with Iran would conclude shortly, while also acknowledging that the U.S. military is experiencing shortages of specific weaponry.

Meanwhile, crude oil prices were on track for a weekly decline. Declining oil prices generally alleviate inflation worries and diminish the anticipation that interest rates will remain elevated for an extended period. Gold is often regarded as a safeguard against inflation; however, elevated interest rates typically exert downward pressure on demand, as the metal does not provide any yield. Investors are currently concentrating on the forthcoming July nonfarm payrolls report from the U.S. Labour Department, scheduled for release later today. Traders are currently assigning a 55% probability to a U.S. rate hike in September, a decrease from the 63% observed a week prior, as indicated by the CME FedWatch Tool.

Spot gold increased by 0.4% to $4,254.11 an ounce, following a peak not seen in seven weeks during the prior session. The precious metal has appreciated by over 5% thus far this week. Among other precious metals, spot silver gained 0.8% to $61.96 an ounce, platinum rose 0.4% to $1,735.71, while palladium slipped 0.3% to $1,367.06. Despite the mixed movements on Friday, all three metals were positioned for weekly gains. Manoj Kumar Jain indicated that gold has support levels at $4,264-$4,220 per troy ounce and resistance levels at $4,340-$4,378. In contrast, silver has support at $60.60-$59.40 and resistance at $62.80-$64.00 per troy ounce during Friday’s session.

On MCX, he observes that gold is likely to encounter support in the range of Rs 1,48,000 to Rs 1,47,200, while facing resistance between Rs 1,49,550 and Rs 1,50,150. For silver, support is established in the range of Rs 2,24,000 to Rs 2,21,200, whereas resistance is observed between Rs 2,28,000 and Rs 2,30,500. Jain observed that his firm had previously suggested purchasing gold when it surpassed Rs 1,49,000 and recommended that traders with long positions secure profits in anticipation of the U.S. jobs data. He added that although a buy call on silver was suggested above Rs 2,29,100, the trade was not triggered on Thursday. Investors should avoid fresh buying in silver during Friday’s session ahead of the weekend.