Gold struggles to reclaim ₹1,48,000 while silver targets ₹2,00,000 as hotter US inflation, rising Treasury yields and a stronger dollar weigh on bullion.
Precious metals came under renewed pressure last week, with both gold and silver extending losses after a period of relative strength. Spot gold slipped to about $4,165.40 an ounce, while silver fell to around $57 an ounce. In the domestic market, MCX gold futures dropped to ₹1,47,918 per 10 gm, and silver futures fell to ₹2,11,187 per kg, reflecting a sharper setback in the white metal than in bullion more broadly.
In the near term, gold’s technical picture has weakened after December futures fell through support at ₹1,48,000. Although the contract recovered in the final two sessions of the week, it failed to regain that level, leaving traders watching whether any rebound can stretch towards ₹1,50,000. Analysts cited in the market note that a move above ₹1,51,700 would be needed to shift the outlook back to constructive territory, while the more immediate risk points lower, towards ₹1,43,500 and then ₹1,41,000.
Silver’s chart looks more fragile. December futures broke below a key floor at ₹2,19,000 and hit a low of ₹2,07,971 on Wednesday before recovering modestly. Even so, the price action still points to a bearish bias, with the next downside target seen in the ₹2,00,000 to ₹2,00,750 zone. A sustained turn higher would require a break through resistance in the ₹2,28,000 to ₹2,30,000 band, a move that currently appears unlikely unless momentum improves materially.
The broader backdrop has also turned less supportive for precious metals. CMC Markets said silver has fallen after a hotter-than-expected US consumer inflation reading, with price weakness now testing technical support and momentum still deteriorating. KuCoin similarly reported that silver hit a 2026 low amid inflation fears and speculation about further Federal Reserve rate increases, even after a small rebound the following day. For gold, the World Gold Council said September prices fell 8.5% month on month as higher US Treasury yields and a stronger dollar outweighed substantial exchange-traded fund inflows, suggesting that investment demand has not been enough to offset the macroeconomic drag.
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