Gold and silver futures traded with mixed sentiment on Thursday, October 8, 2026, as market participants evaluated global cues. These included fluctuating bond yields, crude oil prices, and the performance of the US dollar. Investors are keenly watching for further developments that could influence the trajectory of these precious metals.
Gold Market Analysis
According to Vandana Bharti, Commodity Research Analyst at SMC Global Securities, international gold futures have established support around $4,090 per ounce, while facing robust resistance at $4,200. Bharti points to elevated crude oil prices, the current bond market environment, and a strengthening US Dollar Index as primary factors dampening gold's immediate allure.
Despite these headwinds, Bharti maintains an optimistic long-term view, anticipating that gold's structural uptrend will likely resume once the upward pressure on bond yields subsides. Domestically, MCX Gold is forecast to trade within a projected range of ₹1,45,000 to ₹1,52,000 per 10 grams.
Silver Market Analysis
Silver is similarly contending with market pressures, largely influenced by the prevailing higher interest rate environment. Bharti also cited some demand disruption in the solar sector and the persistent impact of high crude oil prices as contributing factors affecting silver's performance.
On the international front, silver shows strong support near $57 per ounce, with a key resistance zone identified between $62 and $64. For the domestic market, MCX Silver is expected to fluctuate within a range of ₹2,20,000 to ₹2,30,000 per kilogram.
Bharti's analysis underscores the importance for investors to closely monitor these critical support and resistance levels for both gold and silver as they navigate the dynamic precious metals market.