Gold and silver prices experienced a significant decline on the Multi Commodity Exchange on Friday. This downturn was prompted by a notable increase in crude oil prices, which followed recent attacks that reignited inflation worries and heightened speculation regarding a potential rate hike by the US Federal Reserve. Investors are currently anticipating the US non-farm payrolls report for new insights into the Federal Reserve’s interest rate path. In the domestic market, MCX silver futures for December 2026 delivery declined by Rs 3,440, settling at Rs 1,83,700 per kg. Gold futures for December 2026 delivery decreased by Rs 2,300, settling at Rs 1,41,808 per 10 grams. In the previous session, MCX gold experienced an increase of half a percent, concluding at Rs 1.43 lakh per 10 grams. The white metal experienced a decline of 0.4%, now priced at Rs 1.87 lakh per kilogram.
The upcoming US non-farm payrolls report is anticipated to provide new perspectives on the state of the labour market, aiding investors in evaluating the Federal Reserve’s forthcoming policy decisions. Meanwhile, two Federal Reserve officials on Thursday advocated for gradual and consistent interest rate hikes to steer inflation back toward the central bank’s target, as reported. These were among the initial remarks from policymakers in response to the Democrats’ electoral successes in the US, which may influence the direction of inflation. Traders are currently assigning a 71% probability to a Federal Reserve rate hike in December, as indicated by the CME FedWatch tool. Higher interest rates generally exert downward pressure on gold by elevating the opportunity cost associated with holding this non-yielding asset, thereby diminishing its appeal to investors.
In today’s session, spot gold experienced a decline of 0.4%, settling at $4,040 per ounce, whereas spot silver saw a decrease of 1.5%, reaching $51.42 per ounce. Gold’s outlook faces additional pressure as Goldman Sachs has revised its end-2026 price forecast down to $4,150 per ounce from $4,650. This adjustment reflects the implications of the Federal Reserve’s increasingly hawkish policy stance observed in recent months. Manoj Kumar Jain indicated that gold has support levels at $4,064-4,022 per troy ounce, with resistance positioned at $4,140-4,174. Silver exhibits support within the range of $51.20 to $50.00 per troy ounce, while encountering resistance between $53.50 and $54.40.
On the MCX, gold exhibits support levels at Rs 1,42,800-1,41,400 and resistance levels at Rs 1,45,100-1,46,500. Silver exhibits support levels ranging from Rs 1,85,000 to Rs 1,81,800, with resistance identified between Rs 1,89,100 and Rs 1,91,400. Jain advised purchasing gold within the range of Rs 1,42,400 to Rs 1,41,000, suggesting a stop loss positioned below Rs 1,40,000 and target levels set at Rs 1,44,400 to Rs 1,45,500. For silver, he recommended purchasing within the Rs 1,86,000-1,83,000 range, establishing a stop loss beneath Rs 1,79,800, and aiming for targets of Rs 1,91,100-1,94,400. He advised investors holding long positions in gold and silver, based on his earlier recommendations, to maintain the prescribed stop losses and book profits near the stated target levels.
