Price of precious metals saw a decline over the last week. Gold ($4,141/ounce) and silver ($60.40/ounce) were down 3.4 and 6.1 per cent, respectively. In the domestic market, gold futures (₹1,50,390/10 gm) fell 1.9 per cent whereas silver futures (₹2,25,877/kg) was down 3.8 per cent.

In the domestic market, the decline is relatively low as the market was closed on Friday whereas in the global market, both gold and silver extended the fall, posting a bigger loss.

Gold (Dec) futures opened with a gap-down last week. It began last Monday’s session at ₹1,50,399 versus preceding week’s close of ₹1,53,277. While it made a low of ₹1,47,961 the same day, the contract did not see further decline.

After opening lower, the contract has largely remained flat, mainly oscillating between ₹1,48,000 and ₹1,51,000. However, gold futures will retain a bearish bias as long as it stays below ₹1,52,000, a support-turned-resistance level.

In the forthcoming sessions, the contract is likely to see a decline. The nearest support from the current level is at ₹1,44,000. However, in case the bulls gain traction and lift the December futures above ₹1,52,000, it can extend the rally to ₹1,56,000.

Nevertheless, the bias is bearish and so, the probability for a fall is higher.

Silver (Dec) futures began last week on the weak foot and breached the support at ₹2,30,000 early last week. The price action indicates a weak trend and further decline from the current level is highly likely.

The nearest support from the current level of ₹2,25,877 is ₹2,19,000. This is an important base. A breach of this can intensify the sell-off, possibly leading to a swift fall to ₹2,10,000. 

On the other hand, silver futures reclaim ₹2,30,000, it can recover to ₹2,42,000.

Published on October 3, 2026