Gold prices rise, silver jumps nearly 4%; state-wise rates and key breakout levels to watch

Gold and silver futures advanced on Wednesday, tracking firm cues from international spot markets and renewed buying interest.

On the Multi Commodity Exchange (MCX), gold futures for April 2 delivery were last trading 1.28 per cent higher at Rs 1,53,363, compared with the previous close of Rs 1,51,418. Silver futures for March 5 delivery rose 3.94 per cent to Rs 2,37,804 against Rs 2,28,783 in the previous session.

MCX futures

Sharing his outlook on domestic bullion, Ponmudi R, CEO of Enrich Money, said: "MCX Gold futures are trading near the Rs 1,50,000–1,60,000 zone after consolidating from all-time highs around Rs 1,80,000–1,81,000. While short-term price action remains range-bound, the broader uptrend structure continues to hold, with prices sustaining above critical long-term supports. Strong buying interest is evident in the Rs 1,45,000–1,50,000 support region. A sustained hold above this base, followed by a breakout above Rs 1,60,800, could revive upside momentum toward Rs 1,65,000–1,75,000, keeping the medium-term outlook constructive despite near-term volatility."

On silver, he said: "MCX Silver futures are trading near the Rs 2,30,000–2,70,000 zone after correcting sharply from record highs around Rs 4,20,000. While the long-term bullish framework remains intact, the steep decline has placed prices below major moving averages, signaling short-term corrective pressure. Strong buying interest is visible in the Rs 2,25,000–2,35,000 support band, aligned with previous swing lows and broader structural support. A sustained hold above this zone, followed by a decisive recovery, could revive upward momentum toward Rs 3,00,000–3,25,000. Dips toward support may offer accumulation opportunities for positional traders; however, a decisive breakdown below this base could accelerate downside pressure and extend the corrective phase."

Ravi Singh, Chief Research Officer at Mastertrust, said both gold and silver continue to exhibit strength and advised investors to adopt a 'buy-on-dips' strategy with a two-month investment horizon.

He expects gold to climb towards Rs 1,57,000 in the near term and recommended maintaining a stop loss at Rs 1,50,000. On silver, Singh sees the white metal potentially advancing to Rs 2,45,000, with a suggested stop loss placed at Rs 2,25,000.

Check state-wise rates

Delhi gold price today (10 gram 24 Carat): Rs 1,56,580

Maharashtra gold price: Rs 1,56,430

Gujarat gold price: Rs 1,54,240

West Bengal gold price: Rs 1,56,550

Delhi silver price today (per KG): Rs 2,67,900

Maharashtra silver price: Rs 2,59,900

Gujarat silver price: Rs 2,67,900

West Bengal silver price: Rs 2,79,900

International prices

Commenting on global trends, the Enrich Money CEO said: "COMEX Gold is trading near the $4,850–5,100 zone following a sharp correction from recent highs above $5,500–5,600. The broader uptrend remains intact, with the recent pullback appearing as healthy profit booking and price consolidation. Prices have slipped below key moving averages and are currently stabilizing near those levels, indicating digestion of prior excesses. Strong buying interest is visible in the $4,500–4,700 support band. Sustained stability above this zone could lay the foundation for renewed upside momentum. A breakout above $5,100–5,200 would open the path toward a retest of record highs,"

On international silver, Ponmudi added: "COMEX Silver is trading near the $73–80 zone after a steep correction from record highs above $121. While the broader bullish structure remains intact on higher timeframes, the sharp pullback has pushed prices below major moving averages, indicating short-term bearish pressure and an extended corrective phase. Strong buying interest is visible in the $65–70 support band, aligned with prior swing lows and long-term trend support. A sustained hold above this base, followed by a recovery and close above $85–92, could reignite upside momentum toward $95–105 and potentially retest previous highs. The medium- to long-term outlook remains constructive, supported by steady industrial demand and structural supply constraints, despite elevated volatility."

Outlook

Overall, the analyst suggests that while near-term volatility may persist in both gold and silver, key support zones remain crucial for sustaining the broader bullish trend across domestic and international markets.