Gold price forecast near term

On the downside, $3,670 (mid-point of the ascending regression channel, 20-day SMA) aligns as the first support, followed by $3,500-$3,480 (static level, round level, 50-day SMA). Looking north, the first resistance level could be spotted at $3,790-$3,800 (record-high, round level) $3,860 (upper-limit of the ascending channel) and $3,900 (round level). Spot bullion rates in New Delhi were quoted at ₹1,17,000 per 10 grams , while Mumbai rates reached ₹1,17,190 per 10 grams . Silver also tracked higher, with New Delhi at ₹1,42,910/kg and Mumbai at ₹1,43,050/kg . On the MCX, gold futures traded at ₹1,16,290 per 10 grams , underscoring the intensity of futures-driven flows as traders hedge against policy and fiscal risk. This synchronized move across India’s largest bullion centers reinforces that the rally is broad-based and not speculative in isolation. Bank research desks reference the current gold-silver ratio at 82, slightly below the yearly average, suggesting potential pair-trade adjustments that could feed into bullish gold price forecast near term scenarios.