Gold prices snap 2-day rally; silver gains Rs 9,000/kg in 3 days as falling oil eases inflation bets. Key levels to watch

Gold prices snapped a two-day gaining streak, while silver opened higher on MCX on Thursday after weaker-than-expected jobs data and a decline in oil prices lifted demand for the safe-haven metal.

Investors are now awaiting the U.S. nonfarm payrolls report due later in the day for further clarity on the Federal Reserve's interest rate outlook.

In the domestic market, MCX silver futures for September 2026 delivery were up Rs 1,263 in (0.5%) to Rs 2,31,653 per kg. Gold futures for August 2026 delivery declined by Rs 548, to Rs 1,44,194 per 10 grams.


Federal Reserve Chair Kevin Warsh said on Wednesday that both inflation expectations and inflation risks had eased in recent weeks, while reiterating the central bank's commitment to bringing inflation back to its 2% target.

According to the CME FedWatch Tool, traders are currently pricing in around a 64% probability of a September rate hike. Market participants are now focused on the June nonfarm payrolls report for fresh signals on the Fed's policy path.

Gold, traditionally viewed as a hedge against inflation, tends to lose some of its appeal when interest rates rise because it does not offer any yield.

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 gained 0.7% to $4,057.92 per ounce after touching its highest level since June 23 in the previous session. U.S. gold futures for August delivery, however, edged 0.3% lower to $4,070.10. Among other precious metals, spot silver climbed 1.6% to $60.06 per ounce, platinum rose 2% to $1,607.67, and palladium gained 1.4% to $1,227.13.

How should you trade gold?

According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold has support at $4,040-3,994 per troy ounce, while resistance is placed at $4,122-4,164. Silver has support at $58.80-57.40 per troy ounce and resistance at $61.60-63.20.

On the MCX, he sees gold finding support in the Rs 1,43,100-1,42,000 range, with resistance at Rs 1,45,500-1,46,650. For silver, support is pegged at Rs 2,26,600-2,22,500, while resistance is seen at Rs 2,34,400-2,38,000.

Jain advised investors to book profits in long positions in both gold and silver on every rise ahead of the release of the U.S. non-farm payrolls data.

Read more: 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 1,03,352/8 grams while pure gold (24 carat) prices stand at Rs 1,12,736/8 grams.

Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,03,232/8 grams while pure gold (24 carat) prices stand at Rs 1,12,616/8 grams.

Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,06,008/8 grams while pure gold (24 carat) prices stand at Rs 1,15,648/8 grams.

Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,03,232/8 grams while pure gold (24 carat) prices stand at Rs 1,12,616/8 grams.

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