Gold and silver futures saw notable gains on Friday, October 16, 2026, recovering some ground after recent pressures. The uptick has sparked discussions among analysts regarding the sustainability of this precious metals rally, with key attention paid to movements in the US dollar and bond yields.
As of 9:30 AM IST, MCX gold futures were trading at ₹1,48,274 per 10 grams, marking a 0.53% increase. Silver futures experienced a more significant rise, climbing 1.09% to ₹2,12,956 per kilogram. In international markets, gold futures hovered around $4,204 per ounce, while silver traded near $58 per ounce.
Analyst Outlook: Dollar and Yields Crucial
Independent Research Analyst Anuj Gupta highlighted the critical role of the US dollar and bond yields in determining the future trajectory of gold and silver prices. "The Dollar Index slipping below 102 and relatively steady US bond yields are among the key factors to watch," Gupta stated. He added that recent US Producer Price Index (PPI) and retail sales data have offered limited fresh direction, leaving the market to focus on these broader macroeconomic indicators.
Gold Price Outlook: Key Support and Resistance
For international gold, a crucial support level is identified at $4,107 per ounce, with resistance at $4,210 per ounce. On the domestic MCX, immediate support for gold is set at ₹1,46,500 per 10 grams. Further upside resistance levels are noted at ₹1,49,000 and ₹1,50,000 per 10 grams.
A sustained move above these resistance levels could signal improving momentum, whereas a failure to hold support may lead to renewed downward pressure on prices.
Silver Price Outlook: Levels to Watch
In the international market, silver finds support at $56 and $54 per ounce. Domestically, on the MCX, ₹2,05,000 per kilogram serves as a key support level, with immediate resistance at ₹2,15,000 per kilogram. A sustained breach above this resistance could pave the way for further recovery in domestic silver prices.
Traders and investors are advised to closely monitor these technical levels, alongside global developments, the US dollar's strength, US bond yields, and upcoming economic cues, as precious metals are expected to remain sensitive to these influences.