Gold and silver prices ended Friday’s session slightly higher after a highly volatile day, supported by safe-haven demand following the US President’s announcement of fresh 100 per cent tariffs on Chinese goods effective from November 1.
The session also saw profit-taking in the dollar index, which helped precious metals recover from early losses.
According to Manoj Kumar Jain, Director at Prithvi Finmart Research, “Gold and silver were off the day’s lows in a highly volatile session amid fresh US tariffs on China and profit-taking in the dollar index. The trend remains volatile.”
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Global and Domestic Market Performance
In the international markets, Gold December futures settled at $4,000.40 per troy ounce, up 0.70 per cent, while Silver December futures closed at $47.247 per troy ounce, up 0.19 per cent.
In domestic markets, Gold December futures on MCX settled at Rs 1,21,364 per 10 grams, up 0.72 per cent, and Silver December futures ended at Rs 1,46,466 per kilogram, up 0.10 per cent.
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Safe-Haven Demand and Market Outlook
Jain added that global equity markets witnessed heavy sell-offs, which supported safe-haven buying for precious metals.
Gold prices have now gained for eight consecutive weeks, while silver saw minor profit-taking after nine straight weeks of gains.
Gold also hit a lifetime high last week before cooling off slightly from those levels.
“Investors have turned cautious at record highs, but bullish momentum may continue for both gold and silver in the coming weeks,” he said.
Jain expects prices to remain volatile this week amid movements in the dollar index, fluctuations in global financial markets, and ongoing US-China trade tensions.
For the week ahead, gold is expected to trade between $3,910 and $4,080 per troy ounce, while silver may move between $44.80 and $49.80 per troy ounce.
Key Technical Levels and Trading Strategy
In terms of technical levels, gold on the COMEX has support between $3,972 and $3,945 and faces resistance in the range of $4,028 to $4,045 per troy ounce.
Silver on the COMEX has support between $46.80 and $46.50, while resistance is seen around $47.60 to $48.00 per troy ounce.
In the domestic market, gold on the MCX has support at Rs 1,20,200–Rs 1,19,100 and resistance around Rs 1,22,400–Rs 1,23,300.
Similarly, silver on the MCX has support levels at Rs 1,44,400–Rs 1,42,000, with resistance placed between Rs 1,48,000 and Rs 1,50,000.
What Should Investors Do?
Jain recommends a buy-on-dips strategy, suggesting investors buy gold around Rs 1,20,400 with a stop loss at Rs 1,19,100 for targets of Rs 1,21,850–Rs 1,23,000.
