Silver prices ended a three-day upward trend, whereas gold continued its ascent for a fourth consecutive session on the MCX on Monday, buoyed by a declining dollar. Investors are now focusing on crucial US inflation data and an upcoming address by Federal Reserve Chair Kevin Warsh later this week. In the domestic market, MCX silver futures for September 2026 delivery decreased by Rs 1,782, bringing the price to Rs 2,44,815 per kg. Gold futures for October 2026 delivery increased by Rs 1,000, reaching Rs 1,63,434 per 10 grams. In the past four trading sessions, the price of gold has increased by nearly Rs 8,200 per 10 grams. Silver ended its three-day upward trend.

The dollar remained close to multi-month lows as markets responded to the US Treasury’s strategy to repurchase additional long-term bonds. A weaker US dollar renders gold, priced in the greenback, more affordable for purchasers using alternative currencies. Investors will closely monitor the July Personal Consumption Expenditures price index data and Warsh’s address at the Jackson Hole symposium this week for new insights regarding the trajectory of US interest rates. On the geopolitical front, the US issued a warning to Iran, characterising its upcoming measures as “the greatest financial offensive ever marshalled,” while gearing up to implement economic sanctions aimed at Iran’s trade partners. Oil prices declined by over $1 per barrel as investors realised profits in anticipation of the forthcoming announcement.

Spot gold increased by 0.5% to $4,627.42 per ounce, having reached its highest level since May 15 earlier in the session. Prices experienced an increase exceeding 5% in the previous week. US gold futures increased by 0.1% to $4,683.80. Among other precious metals, spot silver declined by 0.3% to $68.76 per ounce. Platinum experienced a decline of 0.5%, settling at $1,868.03, whereas palladium saw a decrease of 0.3%, reaching $1,345.87. Manoj Kumar Jain anticipates that gold and silver prices will exhibit volatility this week, influenced by the fluctuations in crude oil prices and the dollar index, particularly in the lead-up to the Fed Chairman’s speech. He stated that gold exhibits support in the range of 4,610-4,585 and faces resistance between 4,700-4,740 per troy ounce, whereas silver shows support at 68.10-66.60 and resistance at 70.20-71.70 per troy ounce in the current session.

At MCX, Jain indicated that gold is supported at Rs 1,61,100-1,59,800 and faces resistance at Rs 1,63,600-1,64,850. In contrast, silver has support levels at Rs 2,44,000-2,41,200 and resistance at Rs 2,49,100-2,52,500. He suggests purchasing gold in the range of Rs 1,60,600-1,59,500, implementing a stop loss beneath Rs 1,57,700, and aiming for a target of Rs 1,63,600-1,64,850. He also advises purchasing silver in the range of Rs 2,44,000-2,41,000, setting a stop loss beneath Rs 2,37,000 and aiming for a target of Rs 2,49,000-2,52,500.