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Gold and Silver Outlook: Gold and silver prices gained on Wednesday, recovering from one-week lows amid renewed safe-haven buying, though a strong US dollar limited further upside.

According to Manoj Kumar Jain, Head of Commodity and Currency Research at Prithvi Finmart, both precious metals are expected to remain volatile this week as investors await key US economic data.

In the international market, gold December futures settled at $3,992.90 per troy ounce, up 0.82 per cent, while silver December futures ended at $48.022 per troy ounce, up 1.55 per cent.

In domestic markets, gold December futures on the MCX closed at Rs 1,20,522 per 10 grams, gaining 0.61 per cent, and silver December futures settled at Rs 1,47,321 per kilogram, up 1.26 per cent.

The recovery in gold and silver followed a bout of safe-haven buying triggered by political uncertainty in the United States, where the President’s party lost the New York City mayoral election, increasing unease ahead of the midterm polls.

Strong physical buying from China and Australia also supported prices. However, the dollar index crossing the 100 mark and trading near a three-month high restricted further gains for precious metals.

On the economic front, the US ADP non-farm employment report showed an addition of 42,000 jobs, exceeding expectations of 32,000, suggesting stronger labour market conditions that could influence the upcoming official US jobs data.

In the global markets, gold is finding strong support around $3,960–$3,935 per troy ounce, while resistance lies between $4,022–$4,045. Silver is maintaining support around $47.70–$47.30 per troy ounce, with resistance seen at $48.40–$48.84.

Gold is holding above its crucial “make or break” level of $3,870, and silver remains firm above $46.50 on a closing basis, indicating a mildly bullish undertone as long as these levels sustain.

On the Multi Commodity Exchange (MCX), gold has immediate support between Rs 1,19,900 and Rs 1,19,350, while resistance is seen around Rs 1,21,100–Rs 1,21,650. Silver is expected to find support near Rs 1,46,000–Rs 1,44,400, and resistance around Rs 1,48,500–Rs 1,49,400.

These ranges are likely to define the day’s trading action, with traders expected to buy near support and book profits near resistance zones as volatility continues.

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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