Gold, silver prices today: Bullion outlook remains bullish; silver looks cheaper than gold

Gold and silver prices will remain in focus on Saturday after both precious metals ended Friday's trading session higher. MCX silver rebounded sharply from the day's low, while gold also gained, supported by a weaker US dollar, easing inflation concerns and renewed buying. Analysts continue to maintain a positive outlook for bullion, with silver seen as relatively cheaper than gold.

MCX silver price rose ₹2,699, or 1.12%, to ₹2,43,350 per kg on Friday. The white metal touched an intraday high of ₹2,44,950, gaining as much as 1.78% from the previous close. From the day's low of ₹2,39,049, silver recovered ₹5,901, or 2.46%.

MCX gold price gained ₹324, or 0.20%, to ₹1,59,320 per 10 grams. The yellow metal touched an intraday high of ₹1,59,741 during the session.

Why gold and silver prices rose

According to Ajay Kedia, Director, Kedia Advisory, buying interest has returned to gold and silver after their recent decline. Lower crude oil prices have helped cool inflation concerns and reduced worries about further interest-rate hikes by the US Federal Reserve.

The US dollar has also slipped below the 99 level, increasing the appeal of precious metals. Continued gold purchases by central banks and rising inflows into gold exchange-traded funds (ETFs) are providing additional support to bullion prices.

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Investors are now watching developments around the US Federal Reserve, particularly comments from Fed Chair Kevin Warsh at the Jackson Hole Symposium, for clues about the future path of interest rates.

City-wise Gold Prices

City	24-Carat Gold (10 gm)	22-Carat Gold (10 gm)	18-Carat Gold (10 gm)
Delhi	₹1,61,290	₹1,47,860	₹1,21,010
Mumbai	₹1,61,140	₹1,47,710	₹1,20,860
Kolkata	₹1,61,140	₹1,47,710	₹1,20,860
Chennai	₹1,61,470	₹1,48,010	₹1,25,710
Bengaluru	₹1,61,140	₹1,47,710	₹1,20,860
Hyderabad	₹1,61,140	₹1,47,710	₹1,20,860
Lucknow	₹1,61,290	₹1,47,860	₹1,21,010
Patna	₹1,61,190	₹1,47,760	₹1,20,910
Jaipur	₹1,61,290	₹1,47,860	₹1,21,010
Ahmedabad	₹1,61,190	₹1,47,760	₹1,20,910

Gold, silver price outlook for 2026

Monarch PMS expects gold prices to remain in the $4,300-$4,700 per ounce range and silver prices at $70-$85 per ounce by the end of 2026 under its base-case scenario, which carries a 55% probability.

In its bullish scenario, with a 25% probability, gold could reach $5,000-$5,600 per ounce, while silver could climb to $95-$120 per ounce. This scenario assumes weakness in the labour market prompts monetary easing, real yields decline, institutional demand for precious metals returns and physical silver tightness intensifies.

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Silver's supply-demand fundamentals also remain supportive. The market is facing a sixth consecutive annual deficit, while 762 million ounces have been withdrawn from above-ground stocks since 2021. Mine supply has remained broadly flat for around a decade.

MCX Silver Price

Particular	Silver Price
Previous Close	₹2,40,651 per kg
Friday's Close	₹2,43,350 per kg
Intraday High	₹2,44,950 per kg
Intraday Low	₹2,39,049 per kg
Gain from Previous Close	₹2,699 (1.12%)
Recovery from Day's Low	₹5,901 (2.46%)
Technical Support	₹2,35,000
Technical Resistance	₹2,52,000

Gold-silver ratio

The gold-silver ratio has risen to around 69x, compared with 46x at January's peak. Monarch PMS uses 60x as its benchmark, indicating that silver now looks relatively cheaper than gold after giving back much of its earlier outperformance.

For MCX gold, Kedia sees support at ₹1,56,000 and resistance at ₹1,67,000. A sustained break above ₹1,67,000 could take gold towards ₹1,72,000. For MCX silver, support is at ₹2,35,000, while resistance is seen at ₹2,52,000.

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