Gold prices rise marginally; silver rebounds Rs 2,000/kg as traders await US inflation data. Key levels to track

Gold and silver prices opened higher on the Multi Commodity Exchange on Wednesday as investors awaited key US inflation data for clues on the US Federal Reserve's interest-rate path in the coming meetings.

In the domestic market, MCX silver futures for September 2026 delivery were up Rs 2,053 to Rs 2,46,180 per kg. Gold futures for October 2026 delivery rose by Rs 320 to Rs 1,63,202 per 10 grams. Previously, silver fell for three days before today’s gain, while gold dipped in the previous session.

The US Personal Consumption Expenditures (PCE) price index for July, the Fed's preferred inflation gauge, is due in the evening.


Earlier this month, data showed an unexpected decline in US nonfarm payrolls, while consumer inflation came in line with expectations, tempering expectations of a rate hike in September.

Traders are pricing in a 60.4% chance that the Fed will leave rates unchanged next month, according to the CME FedWatch Tool. Lower rates tend to support gold because the metal is a non-yielding asset.

Markets are also watching Fed Chairman Kevin Warsh's speech on Friday at the central bank's Jackson Hole symposium.

Meanwhile, Iran said it had restarted talks with neighbouring Oman on managing the Strait of Hormuz as it faces heightened economic pressure from US President Donald Trump amid the wider conflict.

Also read: Gold prices jump 7% to log best weekly gain in 8 months. Start of another yellow metal bull run?

Gold, silver international prices

Spot gold was almost flat at $4,654.17 per ounce after touching a more than three-month high in the previous session.

Spot silver gained 0.2% to $68.80, platinum rose 0.1% to $1,858.91 and palladium firmed 1.1% to $1,341.23.

How should you trade gold?

Manoj Kumar Jain of Prithvi Finmart said gold on the MCX has support at Rs 1,62,200–1,61,000 and resistance at Rs 1,63,650–1,64,400, while silver has support at Rs 2,41,400–2,39,100 and resistance at Rs 2,47,000–2,50,000.

He said Prithvi Finmart had recommended buying silver around Rs 2,44,000–2,41,000 on Monday, with a stop loss below Rs 2,37,000 and targets of Rs 2,49,000–2,52,500. Those holding long positions based on the recommendation should maintain the prescribed stop loss and book profits around the target levels, he said.

Jain added that the firm had also recommended buying gold on Tuesday in the Rs 1,62,200-1,61,000 range, with a stop loss below Rs 1,59,800 and targets of Rs 1,64,000-1,65,000. Those holding long positions in gold should strictly follow the prescribed stop loss and book profits near the target levels, he said.

Read more: Explained: Why South Korea bought gold after 13 years and what it means for yellow metal investors?

Gold rates in physical markets

Gold Price Today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 1,20,192 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,31,112 per 8 grams.

Gold Price Today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 1,20,072 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,30,992 per 8 grams.

Gold Price Today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 1,20,072 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,30,992 per 8 grams.

Gold Price Today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 1,20,072 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,30,992 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)