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Gold and silver prices ended Thursday’s session on a slightly weaker note after a volatile day of trading. Both metals initially gained in the early session but later slipped from their highs due to profit-taking. Despite the decline, prices managed to hold above key support levels, suggesting a cautious but steady outlook.

In the international market, gold December futures settled at $3,991 per troy ounce, down 0.05 per cent, while silver December futures closed at $47.95 per troy ounce, down 0.15 per cent.

In the domestic market, gold December futures on the Multi Commodity Exchange (MCX) ended marginally higher by 0.08 per cent at Rs 1,20,613 per 10 grams, while silver December futures fell 0.17 per cent to Rs 1,47,069 per kilogram.

Precious metals experienced fluctuations throughout the day as investors responded to movements in the US dollar index and developments in global markets.

The dollar index eased slightly from its three-month high, which helped support gold and silver prices in early trade. However, profit-taking at higher levels led to some pressure later in the session.

Uncertainty over the possible US government shutdown and ongoing geopolitical tensions are also keeping market sentiment cautious. These factors continue to support safe-haven demand for gold, even as prices face resistance at higher levels.

“Gold and silver showed high volatility and gained in the early trading session but slipped from their highs amid profit-taking. Both are facing steep resistance at higher levels but are also holding key support zones,” said Manoj Kumar Jain, Prithvi Finmart Commodity Research.

According to him, gold is holding above its key make-or-break level of $3,870, while silver is maintaining support near $46.50 per troy ounce. Jain expects volatility to remain high amid fluctuations in the dollar index and global markets.

For the day, gold is expected to trade between $3,922 and $4,054 per troy ounce, with support at $3,960–$3,922 and resistance at $4,028–$4,054. Silver is likely to move in the range of $47.00–$48.84 per troy ounce.

In the domestic market, gold has support at Rs 1,20,000–Rs 1,19,400 and resistance at Rs 1,21,200–Rs 1,21,850. Silver’s support lies between Rs 1,46,100 and Rs 1,45,000, while resistance is seen between Rs 1,48,200 and Rs 1,49,400.

Jain added that if gold closes above Rs 1,21,750 and silver above Rs 1,50,000, it could trigger a fresh upside rally in the coming sessions. Until then, traders can expect range-bound movement with high intraday volatility.

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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