Precious metals experienced a downward shift in early trading as international bullion prices pulled back from recent highs, weighing directly on the Indian domestic market. Global investors actively locked in profits while assessing the policy outlook of the US Federal Reserve alongside ongoing developments in the Middle East. Driven by these global cues, the retail price of 24-carat gold in India dropped by Rs 710 to stand at Rs 1,52,890 per 10 grams. In contrast, domestic silver rates maintained absolute stability for the third consecutive day, retailing at Rs 2,55,000 per kilogram and Rs 25,500 per 100 grams.
Domestic Futures Trading Trends on MCX
Trading activity on the Multi Commodity Exchange (MCX) reflected the weak global sentiment, with both gold and silver derivative contracts sliding into the red. October 5, 2026 delivery gold futures fell by 0.54% to reach Rs 1,52,631 per 10 grams. Simultaneously, silver futures maturing on September 4 posted a loss of 0.91%, declining to Rs 2,33,296 per kilogram. Analysts attribute this futures weakness to lower institutional interest following the dip across overseas exchanges.
Global Spot Market Dynamics and Foreign Futures
Market data from Trading Economics highlighted that spot gold dipped below the $4,350 per ounce benchmark on Friday. As of 0538 GMT, spot gold was down 0.6% at $4,324.39 per ounce, while US gold futures for December delivery registered a decline of nearly 1% to trade at $4,379.20 per ounce. Spot silver also experienced selling pressure, slipping 0.9% to reach $63.88 per ounce. The combination of interest rate expectations and geopolitical assessments prompted bullion traders to reduce their long positions.
Technical Analysis and Support Range for Investors
Providing technical insights into the commodity market, the ICICI Direct Commodity Report charted key trading boundaries for future sessions. MCX October gold is projected to find strong buying support near Rs 151,000 per 10 grams, with potential momentum carrying prices back toward the Rs 154,500 resistance zone. Meanwhile, MCX September silver is anticipated to fluctuate within a broad range of Rs 230,000 to Rs 237,000 per kilogram, with a potential slide toward Rs 228,000 only occurring if prices break decisively below the Rs 230,000 threshold.
