Gold and silver prices staged a partial recovery on the Multi Commodity Exchange (MCX) on Monday, 26 October 2026, supported by low-level buying after last week's steep losses, though gold remained pinned near a three-month low.

Gold Opens Higher, Gains Capped

MCX gold futures (December) opened at ₹1,42,301 per 10 grams, up ₹277 from the previous close of ₹1,42,024. The metal climbed as much as 0.6%, or ₹864, to an intraday high of ₹1,42,888 at around 11:50 am IST, before settling near ₹1,42,500 — a gain of ₹476, or 0.34%. Last week, the December contract shed nearly 4%, closing near ₹1.42 lakh per 10 grams.

Silver's Sharper Bounce, Still Fragile

MCX silver futures (December) opened at ₹1,96,257 per kg, up ₹538 against the previous close of ₹1,95,719. The white metal briefly touched an intraday high of ₹1,97,186, up 0.74% or ₹1,467, before slipping back into the red, trading at ₹1,95,572 — down ₹147, or 0.08%. According to market experts, silver's bounce was sharper than gold's, a reflection of its deeper oversold condition after last week's slide.

Technical Outlook: Caution Persists

Market analysts noted that MCX gold is holding between key support and resistance bands following last week's slide. 'Immediate resistance is seen at the ₹1,43,000–₹1,43,700 zone, followed by ₹1,45,300–₹1,46,000, while immediate support is at the ₹1,40,000–₹1,41,000 zone,' experts said. They added that the RSI near 33 is close to oversold territory, while the MACD's negative histogram is widening — signals that bearish momentum has not yet reversed. A reclaim above the ₹1,43,000–₹1,43,700 level is considered necessary for a meaningful stabilisation.

For MCX silver, immediate resistance lies in the ₹2,00,000–₹2,02,000 zone, followed by ₹2,06,000–₹2,08,000. Support is placed at ₹1,92,000–₹1,94,000, with the next major support at ₹1,83,000–₹1,85,000. Experts pointed to Friday's long lower shadow near ₹1,92,000 as a potential base-building signal, though they cautioned that the RSI near 25 remains deep in oversold territory and the MACD continues below its signal line, indicating bearish momentum is still in play.

Global Cues: COMEX Prices

On the international front, COMEX gold futures opened at $4,012.20 per ounce against a previous close of $4,007.90. The metal had touched a high of $5,586.20 earlier this year. COMEX silver opened at $54.29 versus a previous close of $53.94, having hit $121.79 earlier in 2026. The muted domestic gain relative to COMEX levels suggests the rupee-dollar dynamic and local positioning are both acting as headwinds.

What Traders Are Watching Next

The near-term trajectory for both metals will depend on global risk sentiment, upcoming US economic data, and the dollar's direction. With gold's RSI approaching — but not yet in — oversold territory, traders are likely to remain cautious until a sustained move above the ₹1,43,000 resistance confirms a reversal. Until then, the bias remains to the downside.