Gold prices rise 2,300/10 gram in 2 days; silver gains Rs 3,300/kg as yields, dollar soften. Key levels to watch

Gold and silver prices opened higher for a second session on the Multi Commodity Exchange (MCX) on Thursday after the US dollar softened and bond yields eased. Attention now turns to US nonfarm payrolls data, which could influence expectations for the Federal Reserve’s next policy decision.

In the domestic market, MCX silver futures for September 2026 delivery were up Rs 2,460 at Rs 2,38,726 per kg. Gold futures for October 2026 delivery rose Rs 1,600 to Rs 1,53,995 per 10 grams. Over two days, silver has gained more than Rs 3,000, while gold is up Rs 2,300 per 10 grams.

The closely watched US nonfarm payrolls report is due on Friday. Ahead of the data, the ADP National Employment Report showed that private payrolls in the US rose less than expected in August.


A mixed report released by the Federal Reserve on Wednesday showed that US economic activity expanded modestly in recent weeks, while employment increased slightly and prices rose moderately. The report may provide limited direction to policymakers as they consider whether to raise interest rates at their September 15-16 meeting.

Markets are currently pricing in a 62% probability of a US rate hike this month, according to the CME FedWatch Tool. Gold is traditionally viewed as a hedge against inflation, but higher interest rates increase the opportunity cost of holding the non-yielding asset.

Geopolitical tensions also remained in focus, with fears of renewed escalation in the Middle East after the US and Iran exchanged their biggest barrage since July. Washington struck Iran’s southern coast, while Tehran launched attacks on US bases across the region.

Gold, silver international prices

Spot gold was steady at $4,386.28 per ounce. Prices recovered from a near one-month low in the previous session after the US dollar and Treasury yields pulled back from recent highs. US gold futures for December delivery gained 0.4% to $4,432.10.

Among other precious metals, spot silver was flat at $65.30 per ounce, platinum was steady at $1,760.33, while palladium declined 0.1% to $1,344.48.

How should you trade gold?

Jigar Trivedi of IndusInd Securities expects MCX Gold October futures to extend gains for the second consecutive session. He sees Rs 1,53,000 per 10 grams as the intraday resistance level, while Rs 1,52,000 per 10 grams is the key support. The overall outlook remains positive.

Gold rates in physical markets

Gold price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 1,11,592 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,21,728 per 8 grams.

Gold price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 1,11,472 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,21,608 per 8 grams.

Gold price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 1,11,472 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,21,608 per 8 grams.

Gold price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 1,11,472 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,21,608 per 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)