Precious metal contracts traded in India finished the week with late gains following a retreat in the American currency and sovereign debt yields. On the Multi Commodity Exchange, the gold contract for December settlement advanced by ₹1,893, representing an increase of 1.27%, to close Friday at ₹1,51,503 for every 10 grams. The session recorded a volume of 5,341 lots amid new positioning and robust physical purchases. Across the entire week, gold climbed by approximately 1.3%, bouncing back after touching a two-month low earlier in the trading cycle.
Silver tracked a comparable rebound, settling at ₹2,25,820 per kilogram on Friday after a modest daily rise of ₹65, or 0.03%. The contract had encountered strong downward pressure earlier in the week before bottoming out near ₹2,19,800. While gold settled the weekly period near ₹1,51,499, silver finished near ₹2,25,755. Bullion market participants noted that the rebound across both commodities took place after substantial selling gave way to bargain hunting at lower price bands.
Corporate treasuries and bullion participants faced heightened volatility as external macroeconomic pressures intersected with local currency movements. The Indian rupee retreated toward an unprecedented low around 96.8 against the dollar, which elevated the local cost of importing dollar-priced commodities. Meanwhile, global factors offered relief after disappointing American employment figures and cooling Treasury yields reduced projections regarding additional policy rate increases by the Federal Reserve.
Technical indicators evaluated by Enrich Money showed differing trajectories for the two metals. Gold registered a mildly upward tilt after rebounding from its weekly trough of ₹1,47,916, aided by a relative strength index reading near 52 and strong demand visible around ₹1,48,000. Conversely, silver displayed a weaker chart pattern, as its moving average convergence divergence metric remained negative despite a weekly candlestick shape reflecting strong buying interest near ₹2,20,000.
Downside risks continue to hang over the market due to unresolved inflation and the potential for extended monetary tightening by global central banks. For gold, a failure to defend the immediate floor between ₹1,50,000 and ₹1,50,700 could spark a retreat toward the ₹1,47,300 to ₹1,48,000 range. For silver, falling below the support bracket of ₹2,23,000 to ₹2,24,000 threatens to pull valuations down toward the ₹2,19,000 to ₹2,20,000 territory.
Looking forward into the Navratri period, market direction will depend on American consumer price figures, shifting Federal Reserve rate probabilities, and escalating regional tensions across the Middle East. Gold faces nearby price hurdles between ₹1,52,000 and ₹1,52,600, with an advance above that band opening paths toward ₹1,54,000 to ₹1,54,700. For silver, market watchers anticipate that overcoming the ceiling between ₹2,28,000 and ₹2,29,000 will be required before prices can test the upper band of ₹2,32,000 to ₹2,33,000.
Key numbers
- MCX December gold settlement: ₹1,51,503 per 10 grams
- Gold weekly increase: 1.3%
- MCX silver Friday price: ₹2,25,820 per kg
- Rupee low against US dollar: 96.8
- MCX gold volume: 5,341 lots
What a board might note
- How does the domestic rupee valuation near 96.8 per dollar alter the cost structure and hedging strategies for imported commodities?
- Should finance teams adjust working capital allocations given gold resistance levels between ₹1,52,000 and ₹1,52,600 on the MCX?
- How might potential shifts in Federal Reserve policy following weak US jobs data affect corporate borrowing costs and commodity portfolio risk?
Source: Mint Markets, 11 October 2026. This is a summary of a news report, published as general information. It is not legal, tax or investment advice.
This article is journalism and commentary. It is not a recommendation to buy or sell any security, and it is not professional advice. Read the full disclaimer.
