Gold touched a record peak, and silver marked a fresh multi-year high last week. Gold ($3,643/ounce) was up 1.6 per cent and silver ($42.20/ounce) appreciated 2.9 per cent. Similarly, in the domestic market, gold futures (₹1,09,370/10 gm) gained 1.5 per cent and silver futures (₹1,28,838/kg) was up 3.3 per cent.

MCX-Gold (₹1,09,370)

Gold futures hit an all-time high of ₹1,09,840 on Tuesday. But post this, it was largely sideways. The October contract is now trading in the narrow ₹1,08,550-1,09,840 range.

The consolidation hints at a loss in momentum, which could lead to a minor correction in price. Yet, the broader outlook is positive. A drop below ₹1,08,550 can drag the contract to ₹1,07,300 and possibly to ₹1,05,700.

But if gold futures surpasses ₹1,09,840, it might touch ₹1,12,000.

Trade strategy: Last week, we suggested buying gold futures at ₹1,07,700. As it hit a high of ₹1,09,840, it just fell short of hitting our target at ₹1,10,000. Nevertheless, exit the position now. 

Buy again, if the October contract breaks out of ₹1,10,000. Target and stop-loss can be at ₹1,12,000 and ₹1,09,000 respectively.

MCX-Silver (₹1,28,838)

Silver futures (December) broke out of the resistance at ₹1,26,700 last week and marked a record high of ₹1,29,392 before moderating to the current level of ₹1,28,838.

The chart shows that the uptrend is steady. The nearest potential resistance levels are ₹1,33,000 and ₹1,35,000.

In case silver futures drops from the current level, it can find support at ₹1,26,700 and ₹1,25,500. Note that only a decline below ₹1,23,500 can turn the outlook bearish. 

Trade strategy: For a good risk-reward ratio, buy silver futures (December) if the price dips to ₹1,26,700. Stop-loss can be ₹1,25,000. When the contract rises to ₹1,31,000, alter the stop-loss to ₹1,29,000. Book profits at ₹1,33,000.

Published on September 13, 2025