Gold prices fall Rs 1,450/10g; silver down Rs 1,400/kg despite a soft dollar ahead of US economic data. Time to sell?

Gold and silver prices opened lower on the Multi Commodity Exchange (MCX) on Monday despite a weaker US dollar and lower oil prices, as investors awaited key US inflation data this week for clues on the Federal Reserve's next policy move.

In the domestic market, MCX silver futures for December 2026 delivery were down by Rs 1,400 to Rs 2,24,326 per kg. Gold futures for December 2026 delivery dipped by Rs 1,450 to Rs 1,51,499 per 10 grams.

Lower oil prices eased immediate concerns over inflation and interest rates, providing support to gold, according to a market analyst. US President Donald Trump announced an energy ceasefire between Russia and Ukraine on Sunday, saying it would take effect immediately. However, Ukrainian President Volodymyr Zelenskiy said he was still waiting for details of the agreement. Oil prices declined on expectations of increased Russian supplies.


The US dollar remained subdued, making gold, which is priced in dollars, more affordable for buyers using other currencies. While gold is generally considered a hedge against inflation, higher interest rates tend to reduce the appeal of the non-yielding metal.

Investors are now focused on the US Consumer Price Index (CPI) report due on Wednesday, followed by the Producer Price Index (PPI) and retail sales data on Thursday. According to CME's FedWatch tool, traders see a 17% probability of an interest rate hike in October and an 86% chance of an increase by December.

Meanwhile, US consumer sentiment deteriorated further in early October as the rising cost of living, driven by the Middle East conflict, weighed on households' views of the economy.

Gold, silver international prices

Spot gold rose 0.3% to $4,206.01 per ounce as of 0253 GMT, after touching its highest level since October 2 earlier in the session. US gold futures for December delivery also gained 0.3% to $4,230.40.

Among other precious metals, spot silver rose 0.5% to $61.12 per ounce, platinum gained 1% to $1,704.70, and palladium climbed 1.2% to $1,161.81.

How should you trade gold?

Manoj Kumar Jain of Prithvi Finmart said gold has support at $4,184-4,155 per troy ounce, while resistance is placed at $4,220-4,264. Silver has support at $60.20-59.10 per troy ounce and resistance at $62.20-63.50.

On the MCX, gold has support at Rs 150,500-149,800 and resistance at Rs 152,000-152,850. Silver has support at Rs 224,000-222,200, while resistance is seen at Rs 227,700-229,100.

Long-term investors can accumulate gold and silver on dips, while traders can follow a buy-on-dips strategy as long as gold holds above $4,110 per troy ounce and silver stays above $59.10 per troy ounce.

Gold rates in physical markets

Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 1,10,840/8 grams while pure gold (24 carat) prices stand at Rs 1,20,904/8 grams.

Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,10,720/8 grams while pure gold (24 carat) prices stand at Rs 1,20,784/8 grams.

Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,10,720/8 grams while pure gold (24 carat) prices stand at Rs 1,20,784/8 grams.

Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,10,720/8 grams while pure gold (24 carat) prices stand at Rs 1,20,784/8 grams.

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