Gold and silver prices commenced the day on an upward trajectory for the third consecutive session on the MCX on Friday, buoyed by a depreciating dollar and the U.S. Treasury Department’s initiatives to maintain control over longer-term yields. The U.S. dollar was on track for a weekly decline, which rendered dollar-priced commodities more accessible for holders of alternative currencies. In the domestic market, silver futures for September 2026 delivery increased by Rs 1,915, reaching Rs 2,45,158 per kg. Gold futures for October 2026 delivery increased by Rs 1,205, reaching Rs 1,60,630 per 10 grams. In the past three trading sessions, silver has surged by Rs 13,000, whereas gold has increased by nearly Rs 6,500 per 10 grams. Markets are currently reflecting a 64% likelihood that the Federal Reserve will maintain interest rates at their current levels in September, with a 36% chance of an increase, as indicated by the CME FedWatch Tool.

Gold is conventionally regarded as a safeguard against economic instability and inflationary pressures; however, elevated interest rates may dampen demand for this non-yielding asset. On the geopolitical front, Bessent stated that the United States would impose “the toughest sanctions in history” on Iran, noting that this action could diminish the necessity for new significant military operations. Spot gold remained unchanged at $4,514.23 per ounce, following a peak not seen since early June in the prior session. The metal experienced an increase of 3.2% over the course of the week. U.S. gold futures remained unchanged at $4,571.20. Among other precious metals, spot silver remained steady at $68.03 per ounce. Platinum increased by 1.1% to $1,846.29, whereas palladium remained unchanged at $1,333.11. All three metals were on track for weekly gains.

Manoj Kumar Jain indicated that gold has support levels ranging from $4,535 to $4,500 per troy ounce, with resistance levels positioned between $4,600 and $4,640. Silver exhibits support within the range of $66.60 to $65.00 per troy ounce, while resistance is observed between $69.10 and $71.00 in the current session. On the MCX, gold exhibits support levels at Rs 1,58,000-1,56,650 and resistance levels at Rs 1,60,600-1,61,800. In contrast, silver shows support at Rs 2,41,000-2,38,800 and resistance at Rs 2,46,600-2,50,000. Jain recommended purchasing gold during price declines in the range of Rs 1,58,500-1,57,000, advising a stop loss positioned beneath Rs 1,55,500 and setting a target between Rs 1,60,600 and Rs 1,61,800. He also recommended purchasing silver in the range of Rs 2,41,000-2,39,000, with a stop loss set below Rs 2,35,500 and a target of Rs 2,46,600-2,50,000.