Gold & Silver Rates Today: Gold and silver prices traded on a mixed note on Thursday, moving in narrow ranges as global markets remained steady due to the Thanksgiving holiday in the United States.
While profit-taking in the dollar index weighed on the greenback, optimism around potential US Federal Reserve rate cuts continued to lend support to precious metals.
Mixed Trend in International and Domestic Markets
In the international markets, gold February futures settled at $4,189.60 per troy ounce, down 0.30 per cent, while silver December futures closed at $53.165 per troy ounce, gaining 0.47 per cent.
The mixed trend was mirrored in the domestic market as well. On the Multi Commodity Exchange (MCX), gold February futures settled at Rs 1,27,667 per 10 grams, down 0.08 per cent, whereas silver March futures ended at Rs 1,65,987 per kg, up 0.63 per cent.
The subdued price action came as US markets remained closed for Thanksgiving, leading to lower participation. At the same time, optimism about a possible Russia–Ukraine peace deal capped strong gains in precious metals.
Factors Supporting Prices Amid Volatility
However, softness in the dollar index and a decline in the US 10-year bond yield to a one-month low helped limit downside pressure.
Analysts noted that despite the ongoing volatility, the broader outlook for gold and silver remains stable. Gold is expected to hold its key make-or-break level of $3,910 per troy ounce, while silver is likely to stay above the important support zone of $48.40 per troy ounce in the international market.
For the day, gold is expected to trade between $4,134 and $4,240 per troy ounce, with support at $4,160–$4,134 and resistance at $4,210–$4,240. Silver is likely to fluctuate in the $52.00–$54.20 range, with support at $52.70–$52.00 and resistance at $53.80–$54.20.
Support and Resistance Levels, Analyst Recommendations
On MCX, gold has support at Rs 1,27,100–Rs 1,26,600 and resistance at Rs 1,28,200–Rs 1,29,000. Silver is seen taking support at Rs 1,64,400–Rs 1,63,500 and facing resistance at Rs 1,67,700–Rs 1,70,000.
Commodity analyst Manoj Kumar Jain suggests a buying strategy for both metals. He recommends buying gold in the Rs 1,27,200–Rs 1,26,600 range with a stop loss below Rs 1,26,000 for targets of Rs 1,28,200–Rs 1,29,000.
For silver, he advises buying in the Rs 1,65,500–Rs 1,64,000 zone with a stop loss below Rs 1,62,500 for targets of Rs 1,67,700–Rs 1,70,000.
