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Gold and silver prices settled on a mixed note on Monday, both in international and domestic markets, as strength in the US dollar index and uncertainty over the Federal Reserve’s policy stance kept investors cautious.

The precious metals continued to exhibit high volatility, with traders awaiting fresh fundamental cues for direction.

In the international market, gold December futures settled at $4,014 per troy ounce, up 0.44 per cent, while silver December futures ended lower by 0.23 per cent at $48.049 per troy ounce.

The dollar index surged to a three-month high amid weakness in the Euro and renewed policy uncertainty from the US Fed, pressuring gold and silver prices at higher levels.

In domestic markets, the trend was also mixed. On the Multi Commodity Exchange (MCX), gold December futures settled at Rs 1,21,409 per 10 grams, up 0.15 per cent, while silver December futures declined 0.36 per cent to Rs 1,47,758 per kilogram.

Despite resistance at higher levels, both metals continue to find support from geopolitical tensions, central bank buying, and broader global uncertainty.

According to Manoj Kumar Jain, Director and Head - Commodity & Currency Research, Prithvi Finmart, gold is holding its key “make-or-break” level of $3,870 per troy ounce, while silver is maintaining crucial support at $46.50 per troy ounce on a closing basis.

“We expect gold and silver prices to remain volatile this week amid fluctuations in the dollar index, global financial market movements, and ahead of the US non-farm employment data,” he said.

Jain expects gold to trade in a range of $3,870–$4,140 per troy ounce and silver between $46.50–$50.50 per troy ounce this week. Technically, gold has support at $3,984–$3,955 and resistance at $4,040–$4,074 per troy ounce, while silver has support at $47.70–$47.30 and resistance at $48.40–$48.84 per troy ounce.

On MCX, gold is likely to find support around Rs 1,20,800–Rs 1,20,120 and face resistance at Rs 1,22,000–Rs 1,22,750, whereas silver has support at Rs 1,46,600–Rs 1,45,800 and resistance near Rs 1,48,800–Rs 1,49,500.

Jain suggests buying gold on dips around Rs 1,20,650, with a stop loss at Rs 1,19,900, for a target of Rs 1,22,000, citing short-term volatility but firm long-term fundamentals driven by safe-haven demand.

Anubhav Maurya is a Senior Sub-Editor at Zee Business, focusing on the stock market, personal finance, corporate news, and related sectors.

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