Gold and silver futures opened slightly lower on the MCX on Tuesday as investors remained cautious ahead of key U.S. macroeconomic data that could offer signals on the Federal Reserve’s interest rate trajectory. The January jobs report, due on Wednesday, is expected to provide insights into labour market trends, while the latest inflation data scheduled for Friday will be closely tracked for further policy cues.In today’s session, MCX silver futures for March 5, 2026 declined 2%, down Rs 4,905 to Rs 2,57,715 per kg. Gold futures for April 2, 2026 delivery were lower by Rs 2,005, or 2%, at Rs 1,56,001 per 10 grams.In international commodity markets, gold and silver edged marginally lower. Spot gold fell 0.36% to $5,066.56 per ounce after rising 2% in the previous session amid a weaker dollar. The metal had touched a record high of $5,594.82 per ounce on January 29. Spot silver slipped 0.44% to $81.20 per ounce, following a nearly 7% rally in the prior session. The metal had hit an all-time high of $121.64 per ounce on January 29.How should you trade gold, silver?Manoj Kumar Jain of Prithvi Finmart said both precious metals are witnessing sharp price swings, though silver is likely to hold support near $65 per troy ounce, while gold may sustain support around $4,680 per troy ounce on a closing basis this week.He expects continued volatility in gold and silver prices due to fluctuations in the dollar index, the partial U.S. government shutdown, and ongoing geopolitical tensions.For the current session, gold has support in the $5,024–4,970 range and resistance at $5,122–5,164 per troy ounce. Silver has support at $78.80–76.00 and resistance at $84.40–88.00 per troy ounce.On the MCX, gold has support at Rs 1,56,600–1,54,800 and resistance at Rs 1,59,100–1,60,600, while silver has support at Rs 2,55,500–2,48,800 and resistance at Rs 2,68,000–2,74,000. Jain recommends buying gold in the Rs 1,56,600–1,55,000 range with a stop loss below Rs 1,54,000 for targets of Rs 1,59,100–1,60,600. He also suggests buying silver in the Rs 2,56,000–2,52,000 range with a stop loss below Rs 2,47,700 for targets of Rs 2,66,000–2,72,000.Gold rates in physical marketsGold price today in DelhiStandard gold (22 carat) prices in Delhi stand at Rs 1,15,928 per 8 grams, while pure gold (24 carat) is priced at Rs 1,26,456 per 8 grams.Gold price today in MumbaiStandard gold (22 carat) prices in Mumbai stand at Rs 1,15,808 per 8 grams, while pure gold (24 carat) is priced at Rs 1,26,336 per 8 grams.Gold price today in ChennaiStandard gold (22 carat) prices in Chennai stand at Rs 1,17,208 per 8 grams, while pure gold (24 carat) is priced at Rs 1,27,864 per 8 grams.Gold price today in HyderabadStandard gold (22 carat) prices in Hyderabad stand at Rs 1,15,808 per 8 grams, while pure gold (24 carat) is priced at Rs 1,26,336 per 8 grams.(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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