Gold prices rise Rs 1,200/10g; silver jumps Rs 2,612/kg as traders eye US inflation data. Check key levels

Gold and silver prices opened higher on the MCX on Wednesday with investors awaiting US inflation data for clues on the Federal Reserve's monetary policy path. Ongoing tensions in the Middle East also kept concerns over oil-led inflation in focus.

In the domestic market, MCX silver futures for September 2026 delivery were up Rs 2,612 at Rs 2,38,271 per kg. Gold futures for October 2026 delivery rose by Rs 1,200 to Rs 1,54,950 per 10 grams. In the previous session, the two fell after a 3-day surge.

Oil prices also moved higher as uncertainty over a US-Iran peace deal and attacks on two ships raised fears of supply disruptions in the Middle East. A sustained rise in oil prices could add to inflationary pressures and make central banks more cautious about cutting interest rates. Higher rates tend to weigh on gold, which does not generate interest.


Markets have reduced their bets on a September Federal Reserve rate hike to 48% following Friday's weaker-than-expected jobs report. The US Consumer Price Index data, due later on Wednesday, could provide further direction for rate expectations.

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 rose 0.3% to $4,377.79 per ounce, while US gold futures for December delivery were little changed at $4,438.

Spot silver gained 0.2% to $64.81 per ounce, remaining below the highest level since June 22 that it touched in the previous session.

How should you trade gold?

According to Manoj Kumar Jain of Prithvi Finmart, gold has support at $4,355-4,320 per troy ounce, while resistance is placed at $4,440-4,500 per troy ounce in today's session. Silver has support at $62.40-61.60 per troy ounce and resistance at $65.20-67.00 per troy ounce.

On MCX, gold is seen finding support in the Rs 1,50,500-1,49,100 range, while resistance is placed at Rs 1,53,650-1,55,000. Silver has support at Rs 2,29,200-2,27,000 and resistance at Rs 2,34,400-2,38,000.

Jain suggested buying gold on dips in the Rs 1,51,000-1,50,000 range, with a stop loss below Rs 1,48,800 and targets of Rs 1,53,000-1,54,400. He also recommended buying silver in the Rs 2,29,000-2,27,000 range, with a stop loss below Rs 2,24,000 and targets of Rs 2,34,400-2,38,000.

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 1,12,928/8 grams while pure gold (24 carat) prices stand at Rs 1,23,184/8 grams.

Gold Price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 1,12,808/8 grams while pure gold (24 carat) prices stand at Rs 1,23,064/8 grams.

Gold Price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 1,13,208/8 grams while pure gold (24 carat) prices stand at Rs 1,23,504/8 grams.

Gold Price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 1,12,808/8 grams while pure gold (24 carat) prices stand at Rs 1,23,064/8 grams.

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