Gold prices fall Rs 1,000/10 gram; silver down Rs 3,000/kg ahead of US Fed minutes. Key levels to track

Gold and silver prices opened lower on the MCX on Tuesday to extend losses for a second session as investors turned their attention to the minutes of the U.S. Federal Reserve's June policy meeting for clues on Chair Kevin Warsh's monetary policy outlook.

In the domestic market, MCX silver futures for September 2026 delivery were down Rs 2,913 (1.2%) to Rs 2,33,186 per kg. Gold futures for August 2026 delivery fell by Rs 960 to Rs 1,45,958 per 10 grams. In the previous session, the two ended up to 0.5% lower.

The minutes of the Federal Open Market Committee's June 16-17 meeting are scheduled to be released on Wednesday. At his first meeting as Fed chair, Warsh removed references to the likely direction of future interest rate adjustments, saying such guidance could reduce the central bank's flexibility in responding to changing economic conditions.


According to the CME FedWatch tool, traders are now pricing in a roughly 56% probability of a rate increase in September, down from more than 60% before the jobs data.

Bullion had climbed to a two-week high on Monday as a ceasefire agreement eased some inflation concerns. Meanwhile, weaker-than-expected U.S. jobs data released last week led markets to trim expectations of a near-term interest rate hike.

Also read: Bought gold and silver at the top? Here's what experts suggest after prices plunged up to 50% from January

In the international market, spot gold fell 0.6% to $4,138.32 an ounce, while U.S. gold futures for August delivery slipped 0.4% to $4,149.90. Among other precious metals, spot silver declined 1% to $61.48 an ounce, platinum edged down 0.1% to $1,629.46, while palladium gained 0.4% to $1,272.85.

How should you trade gold?

According to Manoj Kumar Jain of Prithvi Finmart, MCX gold has support in the Rs 1,46,100-Rs 1,45,500 range and resistance between Rs 1,47,400 and Rs 1,48,200. MCX silver has support at Rs 2,33,300-Rs 2,30,000, while resistance is placed in the Rs 2,38,800-Rs 2,41,000 range.

Jain has recommended buying gold on dips in the Rs 1,46,000-Rs 1,45,000 range, with a stop loss below Rs 1,43,850 and upside targets of Rs 1,48,000 and Rs 1,49,100. He has also advised buying silver on dips in the Rs 2,34,400-Rs 2,31,000 range, with a stop loss below Rs 2,27,000 and targets of Rs 2,41,000 and Rs 2,44,000.

He continues to maintain a buy call on both precious metals, while advising traders to adhere strictly to the prescribed stop-loss levels.

Also Read | Gold sitting idle at home? Here's how it could earn you an income and what to watch out for

Gold rates in physical markets

Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 1,07,632/8 grams while pure gold (24 carat) prices stand at Rs 1,17,408/8 grams.

Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,07,512/8 grams while pure gold (24 carat) prices stand at Rs 1,17,288/8 grams.

Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,08,472/8 grams while pure gold (24 carat) prices stand at Rs 1,18,336/8 grams.

Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,07,512/8 grams while pure gold (24 carat) prices stand at Rs 1,17,288/8 grams.

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