Precious metal futures, including gold and silver, saw declines on Wednesday morning, October 7, 2026, as a robust US dollar and rising US bond yields exerted downward pressure on prices. Investors are closely monitoring key technical levels for indications of the next market movements.
As of 9 AM on October 7, MCX Gold futures were trading at Rs 149,660 per 10 grams, keeping the metal near the Rs 1.50 lakh mark. MCX Silver futures stood at Rs 226,000 per kilogram. In international markets, COMEX Gold futures were approximately $4,169.51 per ounce, while silver futures hovered around $61.17 per ounce.
Gold Outlook: Volatility Expected to Persist
Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, noted that gold continues to find support around the Rs 1.49 lakh level. However, Trivedi indicated that elevated US bond yields and a strong Dollar Index, currently near 102, could restrict any significant upside for bullion prices. A stronger dollar typically makes dollar-denominated commodities like gold more costly for holders of other currencies, while higher yields can diminish the attractiveness of non-yielding assets such as gold.
Trivedi anticipates that volatility will remain high in the near term. According to his analysis, gold prices could trade within a range of Rs 148,000 to Rs 151,000. The zone between Rs 148,000 and Rs 149,000 is therefore a critical area for support, with Rs 151,000 acting as a key resistance level on the upside.
Silver and Market Influences
For silver, market focus remains on whether prices can stabilize following recent fluctuations. Both gold and silver are highly sensitive to shifts in the US dollar, bond yields, and interest-rate expectations. Consequently, upcoming US economic data and signals will likely play a significant role in influencing bullion markets.
While gold currently hovers near the Rs 1.50 lakh mark, the combination of elevated yields and a firm dollar is expected to maintain high volatility in precious metal markets in the immediate future.