Gold and Silver Weekly Forecast: Gold and silver markets are currently navigating a crucial phase where prices are hovering near important technical levels in both international and domestic markets. The overall sentiment reflects cautious stability as traders and investors closely monitor key support and resistance zones. Market experts suggest that this consolidation phase could set the stage for the next major move, with sustained strength likely if support levels hold, while a breakdown below key zones may lead to short-term corrective pressure.
Problem in Gold Import
The gold supply chain in India is currently facing a severe crisis due to a combination of regulatory and logistical hurdles. Since April 1, 2026, all gold imports by banks have come to a complete standstill following unresolved IGST (Integrated Goods and Services Tax) issues, effectively resulting in zero bank-led imports for the month. Adding to the strain, the DGFT (Directorate General of Foreign Trade) has stalled the renewal of gold dore import licenses for the past 90 days. With only one company managed to secure a renewal, the majority of the nation’s gold refineries are on the brink of shutting down operations, which will soon cut off the domestic supply of refined gold.
While the IIBX (India International Bullion Exchange) remains the only active channel for imports by qualified jewelers, it has failed to fill the massive supply gap, with less than two tons of gold imported through the exchange in recent days. This triple blow from banks, refiners, and limited exchange volumes points toward an imminent and significant gold shortage in the market.
Swiss Bank will not increase its Gold Reserves
The Swiss National Bank has no plans to alter its gold reserves, according to Chairman Martin Schlegel, who spoke at the central bank’s shareholders’ meeting on Friday. Addressing the event in Bern, he said the SNB currently holds 1,040 tonnes of gold, with about 70% stored within Switzerland and the remaining 30% kept in foreign vaults.
Enrich Money Gold Silver Outlook
COMEX Gold: COMEX gold is trading near the 4,720–4,750 dollar range, showing mild consolidation with a slight negative bias after failing to hold higher levels. The 4,650–4,620 dollar zone remains an important support; a breakdown below this could push prices toward 4,550–4,500 dollar.
On the upside, immediate resistance is seen at 4,780–4,820 dollar, followed by a stronger hurdle at 4,880–4,920 dollar. A sustained breakout above these levels is required to revive bullish momentum. Overall, the broader trend remains constructive with a cautious near-term bias.
COMEX Silver: COMEX silver is trading near the 75–76 dollar range, indicating consolidation with weakening momentum after recent highs. The 73–70 dollar zone is acting as key support; a break below this could extend declines toward 68–65 dollar.
On the upside, resistance is placed at 77–80 dollar, followed by 82–85 dollar. A sustained breakout above these levels is needed to regain strength. Overall, the trend remains constructive but with a cautious near-term outlook.
MCX Gold: MCX gold futures are trading near 1,52,000–1,53,200 rupees, indicating consolidation after a recent recovery. Immediate support is placed at 1,50,300–1,50,000 rupees; a break below could drag prices toward 1,48,000–1,45,000 rupees and further to 1,40,000–1,38,000 rupees.
On the upside, resistance is seen at 1,55,500–1,57,000 rupees, followed by 1,58,000–1,60,000 rupees. A sustained move above these levels is needed to revive bullish momentum. The overall trend remains constructive, with buying interest likely on dips.
MCX Silver: MCX silver is hovering around 2,44,000–2,45,000 rupees, reflecting a weak-to-consolidation trend after a pullback. The 2,40,000–2,38,000 rupees zone is acting as crucial support; a breakdown could push prices toward 2,32,000–2,30,000 rupees.
On the upside, resistance is placed at 2,48,000–2,50,000 rupees. A sustained breakout above this range could lead to gains toward 2,55,000 rupees and higher. Overall, the trend remains neutral to slightly bearish unless resistance is decisively crossed.
JM Financial Gold Silver Outlook
Gold Forecast: Gold faces key resistance at Rs 1,57,600. Price momentum remains corrective below this level, indicating weakness on rallies. On the downside, support is placed at Rs 1,40,000 and Rs 1,28,000. A breakdown below support could accelerate further downside pressure, while recovery would require a sustained move above resistance.
Silver Forecast: Silver has major resistance at Rs 2,63,000. A breakout above this level could open the path toward Rs 2,97,000 and Rs 3,50,000. However, failure to cross this resistance may lead to a reversal, with prices potentially declining toward Rs 2,40,000 and Rs 2,10,000.
FAQ’s
1. What is the current trend in gold and silver prices?
Gold and silver are currently in a consolidation phase, trading near important support and resistance levels in both international and domestic markets. Prices are showing stability but lack a clear directional breakout.
2. Why is India facing a gold supply problem?
India’s gold supply is disrupted due to halted bank imports after unresolved IGST issues, delays in license renewals by DGFT, and limited output from the IIBX exchange, creating a potential shortage in the market.
3. How serious is the gold import issue in India?
The situation is considered severe, as bank imports have completely stopped and refiners are struggling due to licensing delays, putting significant pressure on domestic gold availability.
4. What is the role of the Swiss National Bank in this context?
Swiss National Bank has confirmed it will not change its gold reserves, maintaining 1,040 tonnes of gold, with most stored in Switzerland, signaling stability in global gold holdings.
5. What is the outlook for gold and silver prices?
Experts suggest that consolidation may continue in the short term. A breakout above resistance could trigger upward movement, while a breakdown below support may lead to temporary corrective pressure in both metals.
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