Bullion Prices Recover After Previous Session’s Sell-Off as Investors Buy at Lower Levels; Key MCX Support and Resistance Levels Remain in Focus

Gold and silver prices recovered on Thursday, October 15, 2026, after a sharp decline in the previous session. Buying at lower levels and some easing in crude oil prices supported the rebound in domestic and international bullion markets. However, the recovery comes amid continued volatility, with both precious metals trading below their respective highs recorded earlier this year.

In the international market, Comex gold futures rose to $4,168.10 per ounce, while silver futures edged up to $56.10 per ounce. On the Multi Commodity Exchange (MCX), December gold futures were trading near ₹1,47,400 per 10 grams, while December silver futures were above ₹2,09,000 per kilogram at the time of reporting.

The latest recovery indicates renewed buying interest after the previous session's weakness, but investors are watching technical levels and global economic developments to assess whether the rebound can continue.

Gold Prices Recover on MCX

Gold futures opened higher on Thursday. The MCX December gold contract began trading at ₹1,47,482 per 10 grams, up ₹1,634 from the previous close of ₹1,45,848. At the time of reporting, the contract was trading at approximately ₹1,47,398, up ₹1,550.

Despite the recovery, domestic gold futures remained significantly below their reported year-to-date high of ₹1,80,779 per 10 grams.

Internationally, Comex gold opened at $4,128.30 per ounce, compared with the previous close of $4,107.90. The contract subsequently climbed to $4,168.10, gaining $60.20 from the previous settlement, according to the reported figures.

The rebound reflects buying interest following the recent correction. Nevertheless, gold's direction will continue to depend on movements in the US dollar, bond yields, inflation expectations, interest-rate outlook and geopolitical developments.

Silver Prices Also Move Higher

Silver futures recorded a modest recovery in international markets, while domestic prices advanced during the morning session.

On the MCX, the December silver contract opened at ₹2,09,028 per kilogram, compared with the previous close of ₹2,08,338. At the time of reporting, it was trading at ₹2,09,170, up ₹832.

Comex silver futures opened at $55.80 per ounce and subsequently rose to $56.10. The previous closing price was $55.87 per ounce.

Silver remains well below its reported year-to-date high of ₹4,20,048 per kilogram on the MCX and $121.79 per ounce on Comex. Its recent movements reflect the metal's sensitivity to investment demand, industrial activity, currency movements and broader commodity-market sentiment.

Unlike gold, silver has a substantial industrial demand component, including applications in electronics, solar energy and other manufacturing activities. This means that changes in industrial growth expectations can influence silver prices alongside traditional precious-metal investment demand.

Why Are Gold and Silver Recovering?

1. Buying at lower levels: The previous session's decline encouraged some market participants to purchase bullion at reduced prices. Such buying can support short-term recoveries, although it does not necessarily signal a sustained upward trend.

2. Softer crude oil prices: Some easing in crude oil prices provided a more supportive backdrop for precious metals. Oil-price movements influence inflation expectations and market sentiment, although the relationship between crude and bullion is not always direct.

3. Continued uncertainty in global markets: Investors continue to monitor inflation, interest-rate expectations, currency movements and geopolitical risks. These factors can influence demand for gold as a potential store of value, while silver may respond to both investment flows and industrial expectations.

The recovery should therefore be viewed in the context of a volatile market rather than as confirmation that the previous correction has ended.

MCX Gold: Support and Resistance Levels

According to Ajay Kedia, director of Kedia Advisory, gold was showing signs of fresh selling pressure from a technical perspective. The report noted a 0.23% increase in open interest to 17,588 contracts alongside a decline in prices.

The following levels were identified for the MCX gold contract:

• Immediate support: ₹1,44,770 per 10 grams

• Next downside level: ₹1,43,700 per 10 grams

• Immediate resistance: ₹1,47,780 per 10 grams

• Potential upside level: ₹1,49,710 per 10 grams

A decline below ₹1,44,770 could expose gold to further weakness towards ₹1,43,700. On the other hand, sustained trading above ₹1,47,780 may improve the near-term outlook and open the possibility of a move towards ₹1,49,710.

These are technical reference levels, not guaranteed price targets. Actual price movements may differ as market conditions change.

MCX Silver: Key Levels to Monitor

Silver was also showing signs of technical selling pressure, according to Kedia Advisory. The report indicated that open interest increased 7.24% to 20,688 contracts alongside a decline in prices.

The key levels identified for MCX silver were:

• Immediate support: ₹2,04,380 per kilogram

• Next downside level: ₹2,00,420 per kilogram

• Immediate resistance: ₹2,15,890 per kilogram

• Potential upside level: ₹2,23,440 per kilogram

A break below ₹2,04,380 could expose silver to a further decline towards ₹2,00,420. Conversely, sustained trading above ₹2,15,890 could strengthen the recovery and bring ₹2,23,440 into focus.

Because silver can be more volatile than gold, traders should consider position sizing, stop-loss discipline and the possibility of sharp price swings around important technical levels.

What Could Influence Bullion Prices Next?

The outlook for gold and silver will depend on several global factors. Movements in the US dollar and government bond yields can affect the relative attractiveness of precious metals, while changes in inflation expectations and central-bank policy outlooks may influence investment demand.

Crude oil will remain an important variable because sustained increases can intensify inflation concerns and complicate the interest-rate outlook. However, the impact on bullion will depend on how currency markets, real yields and broader risk sentiment respond.

For silver, industrial demand and expectations for manufacturing activity will also matter. Developments in solar-energy installations, electronics production and other industrial applications could influence the metal's medium-term demand outlook.

Investors should also distinguish between international bullion prices and domestic MCX prices, which are affected by currency movements and local market factors in addition to global price changes.

Market Outlook

Gold and silver have recovered from the previous session's sell-off, supported by lower-level buying and some easing in crude oil prices. However, the rebound remains vulnerable to fresh selling, particularly as both metals continue to trade below their reported highs for the year.

For MCX gold, ₹1,47,780 is an important near-term resistance level, while ₹1,44,770 remains a key support. For silver, traders will watch resistance at ₹2,15,890 and support at ₹2,04,380.

A sustained move above resistance could strengthen the recovery, whereas a break below support may renew selling pressure. Investors should avoid treating a single-session rebound as confirmation of a lasting trend and should consider their investment horizon and risk tolerance before taking positions.

For long-term investors, gold and silver should be assessed in the context of portfolio diversification and overall asset allocation. Short-term traders, meanwhile, should monitor global economic developments and technical levels closely, as volatility may remain elevated.