Gold prices at Rs 1.52 lakh/10 grams, silver down Rs 3,300/kg in 2 days ahead of US Fed decision. Key levels to track

Gold and silver prices opened mixed on the Multi Commodity Exchange on Tuesday as investors awaited the US Federal Reserve’s policy decision for clues on the future path of monetary policy amid escalating geopolitical tensions.

In the domestic market, MCX silver futures for September 2026 delivery were down Rs 1,011 to Rs 2,31,679 per kg. Gold futures for October 2026 delivery held steady, up Rs 20 to Rs 1,52,608 per 10 grams. Over two days, silver’s MCX price has declined by over Rs 3,000.

The US central bank is scheduled to announce its policy decision on Wednesday after concluding a two-day meeting. Financial markets are widely expecting Fed policymakers to raise the benchmark rate by 25 basis points to a range of 3.75%-4.00%.


Gold is often viewed as a hedge against inflation and geopolitical risks, but higher interest rates tend to reduce its appeal by increasing the opportunity cost of holding non-yielding bullion.

Data released on Friday showed that US consumer prices accelerated in August, while a key measure of underlying inflation recorded its biggest increase in four months.

On the geopolitical front, Yemen’s Iran-aligned Houthis launched a fresh wave of attacks on Saudi Arabia and were digging into positions along Yemen’s western coast near the Red Sea. Oil prices rose on concerns over possible supply disruptions.

Meanwhile, US 10-year Treasury yields reached the key 5% level on Monday for the first time since October 2023. Analysts view the milestone as a threshold that could have wider implications for the US economy and put pressure on the stock market by reducing the relative appeal of US equities.

Gold, silver international prices

Spot gold was little changed at $4,300.96 per ounce after touching its lowest level since August 7 on Monday. US gold futures fell 0.3% to $4,341.10.

Spot silver edged 0.1% higher to $63.28 an ounce, while platinum fell 0.1% to $1,757.46 and palladium declined 0.7% to $1,283.61.

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 US Federal Reserve and Bank of Japan monetary policy meetings.

For today’s session, gold is expected to find support at $4,310-$4,284 per troy ounce, while resistance is seen at $4,385-$4,420. Silver has support at $63.20-$62.40 per troy ounce, with resistance at $65.40-$66.20.

On the MCX, gold has support at Rs 1,50,150-Rs 1,49,400 and resistance at Rs 1,52,400-Rs 1,53,650. Silver has support at Rs 2,30,300-Rs 2,28,000, while resistance is at Rs 2,36,000-Rs 2,38,800.

Jain said long-term investors could accumulate gold and silver in a staggered manner during the market fall, while traders should wait for the FOMC meeting outcome before taking fresh positions in the two precious metals.

Gold rates in physical markets

Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 1,13,112/8 grams while pure gold (24 carat) prices stand at Rs 1,23,384/8 grams.

Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,12,992/8 grams while pure gold (24 carat) prices stand at Rs 1,23,264/8 grams.

Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,12,992/8 grams while pure gold (24 carat) prices stand at Rs 1,23,264/8 grams.

Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,12,992/8 grams while pure gold (24 carat) prices stand at Rs 1,23,264/8 grams.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.)