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Gold Price Today: After witnessing a steep fall earlier this week, gold and silver prices staged a mild recovery on Thursday as traders indulged in value buying amid easing global tensions and improving risk sentiment.

On the Multi Commodity Exchange (MCX), gold futures for December delivery gained Rs 1,800, or 1.48 per cent, to Rs 1,23,657 per 10 grams, rebounding from the previous session’s sharp decline.

Silver futures also bounced back by Rs 2,727, or 1.87 per cent, to Rs 1,48,285 per kilogram after heavy selling in earlier sessions.

On Wednesday, gold had tumbled by Rs 6,414, or 5 per cent, to settle at Rs 1,21,857 per 10 grams, while silver dropped by Rs 4,769, or 3.17 per cent, to Rs 1,45,558 per kilogram.

The sell-off followed a strong rally that had pushed both metals to record highs on Friday, Rs 1,32,294 per 10 grams for gold and Rs 1,70,415 per kilogram for silver.

The correction was driven by profit-booking, gains in the US dollar, and fading safe-haven demand as global risk sentiment improved.

Commodity markets were shut during the first half of Wednesday and resumed trading in the evening session.

Earlier on Tuesday, during the special Muhurat Trading session marking the beginning of Samvat 2082, gold had slipped by Rs 2,353, or 1.8 per cent, to close at Rs 1,28,271 per 10 grams, while silver dropped nearly 5 per cent to Rs 1,50,327 per kilogram.

On the global front, Comex gold futures for December delivery rose by $73.44, or 1.81 per cent, to $4,138.84 per ounce on Thursday, recovering slightly after touching a record high of $4,398 per ounce earlier in the week.

According to Tejas Shigrekar, Chief Technical Research Analyst, Commodities and Currencies at Angel One, the recent decline could mark the beginning of a broader corrective phase. “Gold witnessed a sharp decline of 385 points (8.00 per cent) from its recent peak, indicating a potential trend reversal after reaching historically overbought levels,” he said.

He added that Monday’s close had recorded the highest monthly Relative Strength Index (RSI) ever observed, suggesting exhaustion in the bullish momentum. “Technical indicators across Gold ETFs, Spot, and Futures markets now reflect clear signs of reversal, with price action shifting from bullish to bearish,” Shigrekar explained.

Investor sentiment, too, appears to be changing. With the festive season nearing its end, demand is expected to taper off, and traders are increasing exposure to put options, anticipating further weakness in November and December.

On the international level, gold around $4,080 per ounce is likely to find support between $3,800 and $3,670, while resistance stands near $4,190. A move above $4,260 could invalidate the bearish outlook, Shigrekar noted.

Domestically, gold on the MCX at Rs 1,28,270 per 10 grams shows support at Rs 1,21,000 and Rs 1,15,000, while resistance lies near Rs 1,30,200. A decisive breakout above Rs 1,32,000–Rs 1,34,500 would be needed to restore bullish momentum.

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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