Silver prices rebound Rs 10,000 to Rs 2.6 lakh, gold rises Rs 3,000. Time to buy or wait for dip?

Gold and silver futures opened sharply higher on the MCX on Monday, rebounding after last week’s steep selloff. Silver prices had plunged nearly 10% over two sessions, while gold saw a comparatively milder correction of around 2%.

In today’s session, MCX silver futures for March 5, 2026, rose 4%, gaining Rs 10,000 to Rs 2,59,887 per kg. Gold futures for April 2, 2026 delivery climbed Rs 3,049, or 2%, to Rs 1,58,500 per 10 grams.

In international commodity markets, gold traded on either side of $5,000 an ounce as prices attempted to stabilise after last month’s historic rout. The metal rose as much as 1.7% on Monday and has recouped roughly half of its losses after retreating sharply from the all-time high hit on January 29.

Silver remained far more volatile, with price swings amplified by speculative positioning and thinner over-the-counter trading. The white metal, which has shed more than a third from its record peak, climbed as much as 5% on Monday to move above $80 an ounce.

Looking ahead, traders are closely monitoring upcoming US macroeconomic data for cues on the Federal Reserve’s policy path. The January jobs report, due on Wednesday, is expected to signal a stabilising labour market, while fresh inflation readings are scheduled for release on Friday.

How should you trade gold, silver?

Manoj Kumar Jain of Prithvi Finmart said a rise in the preliminary US consumer sentiment index to 57.3 lent support to precious metals, although both gold and silver continue to witness sharp volatility. He expects prices to remain choppy this week amid swings in the dollar index, the partial US government shutdown, and ongoing geopolitical tensions.
Jain said gold could hold support near $4,555 per troy ounce on a closing basis, while silver may sustain above $65 per troy ounce. In the near term, gold has support at $4,910-4,840 and resistance at $5,050-5,122 per troy ounce, while silver has support at $73.80-71.10 and resistance at $80.40-83.80.On the MCX, he sees gold support at 1,54,000-1,51,800 and resistance at 1,57,700-1,60,000, while silver has support at 2,44,000-2,36,600 and resistance at 2,55,500–2,62,000. Jain recommends buying gold in the 154,000-152,000 range with a stop loss below 150,500 for targets of 156,800-159,000, and buying silver between 250,000-244,000 with a stop loss below 236,600 for targets of 2,55,500-2,62,000–2,65,500.

Gold rates in physical markets
Gold price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 1,14,952 per 8 grams, while pure gold (24 carat) prices are at Rs 1,25,392 per 8 grams.

Gold price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,14,832 per 8 grams, while pure gold (24 carat) prices are at Rs 1,25,272 per 8 grams.

Gold price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,15,352 per 8 grams, while pure gold (24 carat) prices are at Rs 1,25,840 per 8 grams.

Gold price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,14,832 per 8 grams, while pure gold (24 carat) prices are at Rs 1,25,272 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)