Gold ($4,285/ounce) and silver ($64.30/ounce) were down 2.1 and 2.9 per cent, respectively. In the domestic market, gold futures (₹1,50,881/10 gm) fell 2.3 per cent whereas silver futures (₹2,34,696/kg) was down 2.9 per cent.

Gold (Oct) futures declined through last week. However, it managed to remain above the key support at ₹1,50,000. Since the start of this month, the contract has largely been trading within ₹1,50,000 and ₹1,55,000.

Nevertheless, the support at ₹1,50,000 is a crucial one and so long as this level holds, the probability for a rally will be high. A potential upswing from the current level can lift gold futures to ₹1,67,000.

However, if the support at ₹1,50,000 is breached, the contract can decline to ₹1,44,000.

Trade strategy: Retain the longs that we suggested on gold (Oct) futures at ₹1,52,700 with a stop-loss at ₹1,49,000. When the contract goes up to ₹1,60,000, revise the stop-loss to ₹1,55,000. Book profits at ₹1,67,000.

Silver (Dec) futures witnessed a fall in price last week but ended above ₹2,30,000. The contract has been oscillating between ₹2,30,000 and ₹2,45,000 since the beginning of this month.

While the direction of the breach of the above-mentioned range is likely to decide the path of the next swing in price, the support at ₹2,30,000 is an important one. Until this level holds, bulls will have an edge.

The contract can surpass ₹2,45,000 and extend the upswing to ₹2,60,000. But if ₹2,30,000 is invalidated, it can witness a deeper fall, probably to ₹2,18,500. 

Trade strategy: Hold the long on silver (Dec) futures initiated at ₹2,37,500. Maintain the stop-loss at ₹2,29,000. When the contract rises to ₹2,50,000, raise the stop-loss to ₹2,42,000. Book profits at ₹2,60,000.

Published on September 26, 2026