Gold & Silver Price Today: MCX outlook with key levels, trading strategy and fresh targets for traders

Gold and silver prices extended their gains on Tuesday ahead of the US Federal Reserve’s policy outcome, supported by expectations of a possible rate cut and continued volatility in global financial markets.

Both precious metals settled positively in international and domestic markets, with silver outperforming and scaling new lifetime highs.

Global and Domestic Market Performance

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In global markets, gold February futures closed at $4,236.20 per troy ounce, up 0.44 per cent, while silver March futures settled at $60.84 per troy ounce, rising 4.17 per cent.

Domestic markets moved in tandem. Gold February futures on MCX closed at Rs 1,30,107 per 10 grams, up 0.11 per cent, and silver March futures ended at Rs 1,88,064 per kg, gaining 3.48 per cent.

What Expert Said?

According to Manoj Kumar Jain, “Gold and silver posted solid gains ahead of the FOMC meeting outcomes and rate cut optimism. Silver prices hit new records and closed above $60 per troy ounce for the first time in the international markets. A price move from $50 to $60 per troy ounce came in just 12 trading sessions.”

He added that physical delivery shortages and strength in industrial metals are further supporting the sharp momentum in silver. Gold, meanwhile, continues to sustain above the $4,200 mark.

Rate Cut Expectations and Price Ranges

Jain said the market is expecting a 25-basis-point rate cut, but comments from Fed Chair Jerome Powell on future monetary easing will be crucial for the direction of precious metals.

He noted that gold and silver could hold their key support levels at $3,960 and $54.40 per troy ounce, respectively, in the international market.

For the week, Jain expects gold to trade between $3,960 and 4,380, while silver is likely to move within the $54.40–62.80 range amid fluctuations in the dollar index and broader global uncertainty.

For the day’s session, gold has support at $4,200–4,164 and resistance at $4,258–4,300, whereas silver has support at $59.80–59.10 and resistance at $61.20–62.00.

MCX Levels and Trading Strategy

On the MCX, gold is supported at Rs 1,29,500–1,28,800 and resisted at Rs 1,30,660–1,31,200. Silver has support at Rs 1,86,600–1,85,000 and resistance at Rs 1,90,000–1,92,400.

Jain suggests buying gold around Rs 1,29,600–1,29,200 with a stop loss at Rs 1,28,800 and a target of Rs 1,30,600–1,31,200. For silver, he recommends buying near Rs 1,85,500 with a stop loss below Rs 1,81,000 for targets of Rs 1,90,000–1,94,000.