In the domestic market, MCX silver futures for September 2026 delivery were up Rs 4,000 at Rs 2,35,988 per kg. Gold futures for October 2026 delivery were up Rs 1,300 at Rs 1,52,100 per 10 grams.
Markets are pricing in a 92.4% probability of at least a 25-basis-point rate hike later on Wednesday, according to CME FedWatch. The decision will be followed by a press conference by Fed Chair Kevin Warsh.
A hawkish Fed could further pull gold down, while any dovish messaging may ease rate-hike bets and help the metal recover. Gold is commonly viewed as a hedge against inflation, although higher interest rates increase the opportunity cost of holding non-yielding bullion.
The dollar remained near recent highs, while oil prices stayed above $100 a barrel. A stronger dollar makes gold, which is priced in the US currency, more expensive for buyers using other currencies. Higher oil prices can also add to inflationary pressures.
In the Middle East, Saudi Arabia issued security alerts across several areas, including the holy city of Mecca and the second-largest city, Jeddah. The alerts followed a week of attacks by Iran-aligned fighters that have drawn Saudi Arabia further into the regional war.
Gold, silver international prices
Spot gold slipped 0.1% to $4,288.48 per ounce after touching a more than one-month low on Monday. US gold futures for December delivery also fell 0.1% to $4,328.10.Among other precious metals, spot silver was steady at $63.67 per ounce, while platinum fell 0.3% to $1,770.47. Palladium gained nearly 1% to $1,301.61.
How should you trade gold?
Manoj Kumar Jain of Prithvi Finmart expects gold and silver prices to remain volatile this week amid fluctuations in crude oil prices and the dollar index, as well as ahead of the outcome of the US Federal Reserve and Bank of Japan monetary policy meetings.For today’s session, Jain sees gold finding support at $4,310-$4,264 per troy ounce, with resistance at $4,355-$4,400. For silver, he expects support at $63.00-$62.20 and resistance at $64.40-$65.50 per troy ounce.
On the MCX, gold has support at Rs 1,50,150-Rs 1,49,400 and resistance at Rs 1,51,500-Rs 1,52,200, while silver has support at Rs 2,30,000-Rs 2,27,700 and resistance at Rs 2,34,400-Rs 2,37,000.
Jain said long-term investors could accumulate gold and silver during market falls, while traders should wait for the FOMC meeting outcome before taking fresh positions.
Gold rates in physical markets
Gold price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 1,12,432/8 grams, while pure gold (24 carat) prices stand at Rs 1,22,648/8 grams.Gold price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,12,312/8 grams, while pure gold (24 carat) prices stand at Rs 1,22,528/8 grams.Gold price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,12,312/8 grams, while pure gold (24 carat) prices stand at Rs 1,22,528/8 grams.Gold price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,12,312/8 grams, while pure gold (24 carat) prices stand at Rs 1,22,528/8 grams.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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