Gold prices dip Rs 1,900/10 gram; silver up Rs 1,400/kg as high inflation keeps traders on edge: Key levels to watch

Gold and silver prices opened mixed on the Multi Commodity Exchange on Wednesday as investors assessed the possibility of major central banks keeping interest rates higher for longer as they continue efforts to contain persistent inflation.

In the domestic market, MCX silver futures for September 2026 delivery were up by Rs 780 to Rs 2,40,666 per kg. Gold futures for October 2026 delivery held steady at Rs 1,52,549 per 10 grams. Over the course of two days, silver’s MCX price has gained over Rs 1,400, while gold has slipped Rs 1,900 in three straight sessions.

The dollar remained close to a two-month high, putting pressure on bullion priced in the US currency by making it more expensive for buyers holding other currencies. Gold is often viewed as a hedge against inflation, but higher interest rates can reduce its attractiveness as they increase the returns available from interest-bearing assets.


US President Donald Trump warned that he could annihilate Iran if an agreement to end the war is not reached, while also indicating that a deal could be closed as diplomatic efforts continue at the United Nations.

The Federal Reserve raised its benchmark interest rate by 25 basis points last week to 3.75%-4.00% and indicated that another hike could come before the end of the year. The Bank of Japan and European Central Bank have also raised interest rates recently.

Gold, silver international prices

Spot gold was down 0.2% at $4,345.99 per ounce as of 0147 GMT, while US gold futures for December delivery gained 0.2% to $4,382.70.

Among other precious metals, spot silver declined 0.4% to $66.78 per ounce, platinum fell 0.8% to $1,818.21 and palladium dropped 0.4% to $1,302.61.

How should you trade gold?

Manoj Kumar Jain of Prithvi Finmart said gold has support at $4,345-$4,310 per troy ounce, while resistance is placed at $4,400-$4,440. For silver, support is seen at $65.50-$64.40 per troy ounce, with resistance at $68.00-$69.10 in today's session.

On the MCX, gold has support at Rs 1,51,850-Rs 1,51,100 and resistance at Rs 1,53,650-Rs 1,54,400, while silver has support at Rs 2,37,700-Rs 2,35,500 and resistance at Rs 2,41,000-Rs 2,44,000.

Jain has recommended buying gold around Rs 1,52,500-Rs 1,51,000 with a stop loss below Rs 1,49,600 for a target of Rs 1,55,000-Rs 1,56,100. For silver, he has recommended buying around Rs 2,36,000-Rs 2,34,000 with a stop loss below Rs 2,29,000 for a target of Rs 2,44,000-Rs 2,47,000.

Investors who have taken long positions in both precious metals based on the recommendations have been advised to maintain the given stop losses and book profits at the specified target levels.

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 1,22,656/8 grams.

Gold Price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 1,12,432/8 grams, while pure gold (24 carat) prices stand at Rs 1,22,656/8 grams.

Gold Price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 1,13,472/8 grams, while pure gold (24 carat) prices stand at Rs 1,23,792/8 grams.

Gold Price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 1,12,432/8 grams, while pure gold (24 carat) prices stand at Rs 1,22,656/8 grams.

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