MCX gold prices at Rs 1.39 lakh/10 gram; silver tanks Rs 2,000/kg as US jobs data fuels rate hike bets. Key levels to track ahead of Dhanteras
In the domestic market, MCX silver futures for December 2026 delivery were down by Rs 2,000 to Rs 1,77,784 per kg. Gold futures for December 2026 delivery fell marginally to Rs 1,30,300 per 10 grams.
By Veer Sharma, ETMarkets.com |
Agencies
Gold and silver prices opened lower on the Multi Commodity Exchange (MCX) on Wednesday even as declining oil prices eased inflation concerns. Investors also watched the fast-approaching festive season and Dhanteras for demand cues.
In the domestic market, MCX silver futures for December 2026 delivery were down by Rs 2,000 to Rs 1,77,784 per kg. Gold futures for December 2026 delivery fell marginally to Rs 1,30,300 per 10 grams.
US job openings rose sharply in September, while layoffs declined to their lowest level in 1-1/2 years, indicating that the labour market remained relatively strong despite modest employment growth during the month.
The labour market's resilience, despite uncertainty surrounding the US-Israeli war with Iran, which has entered its ninth month, has given the Federal Reserve greater room to raise interest rates to contain the inflationary impact of the conflict.
The decline in oil prices, however, eased concerns over inflation and strengthened expectations that the Federal Reserve may not need to maintain high interest rates for an extended period. This supported demand for gold, which does not offer any yield.
Investors were also preparing for a potentially strong performance by Democrats in Tuesday's US midterm elections, a development that could lead to greater volatility across asset prices. Traders are currently pricing in a 78% probability of a Fed rate hike in December, according to CME's FedWatch tool.
Among other precious metals, spot silver fell 0.2% to $49.67 per ounce. Platinum gained 0.3% to $1,422.15, while palladium advanced 0.5% to $938.49.
He expects gold and silver prices to remain volatile this week amid fluctuations in crude oil prices, movements in the dollar index and ongoing geopolitical tensions. For the day's session, gold has support at 3,914-3,880 per troy ounce and resistance at 3,980-4,000 per troy ounce. Silver has support at 48.80-48.00 per troy ounce, with resistance placed at 50.50-51.80 per troy ounce.
On the MCX, gold has support at Rs 1,38,800-Rs 1,38,000 and resistance at Rs 1,40,000-Rs 1,40,550. Silver has support at Rs 1,77,700-Rs 1,75,000, while resistance is seen at Rs 1,81,400-Rs 1,83,800.
Jain suggested that long-term investors could accumulate gold and silver through systematic investment plans (SIPs) during the current market decline. However, he advised traders to remain cautious ahead of the US midterm elections.
Disclaimer: The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
In the domestic market, MCX silver futures for December 2026 delivery were down by Rs 2,000 to Rs 1,77,784 per kg. Gold futures for December 2026 delivery fell marginally to Rs 1,30,300 per 10 grams.
US job openings rose sharply in September, while layoffs declined to their lowest level in 1-1/2 years, indicating that the labour market remained relatively strong despite modest employment growth during the month.
The labour market's resilience, despite uncertainty surrounding the US-Israeli war with Iran, which has entered its ninth month, has given the Federal Reserve greater room to raise interest rates to contain the inflationary impact of the conflict.
The decline in oil prices, however, eased concerns over inflation and strengthened expectations that the Federal Reserve may not need to maintain high interest rates for an extended period. This supported demand for gold, which does not offer any yield.
Investors were also preparing for a potentially strong performance by Democrats in Tuesday's US midterm elections, a development that could lead to greater volatility across asset prices. Traders are currently pricing in a 78% probability of a Fed rate hike in December, according to CME's FedWatch tool.
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Gold, silver international prices
Spot gold dipped 0.3% to $3,948.75 per ounce, while US gold futures for December delivery gained 0.1% to $3,943.20. Spot silver fell 0.2% to $49.67 per ounce.Among other precious metals, spot silver fell 0.2% to $49.67 per ounce. Platinum gained 0.3% to $1,422.15, while palladium advanced 0.5% to $938.49.
How should you trade gold?
Manoj Kumar Jain of Prithvi Finmart said that any positive developments in US-Iran peace talks following the US midterm elections could provide a significant boost to bullion prices. He expects gold to hold support at $3,800 per troy ounce, while silver is likely to find support at $45 per troy ounce.He expects gold and silver prices to remain volatile this week amid fluctuations in crude oil prices, movements in the dollar index and ongoing geopolitical tensions. For the day's session, gold has support at 3,914-3,880 per troy ounce and resistance at 3,980-4,000 per troy ounce. Silver has support at 48.80-48.00 per troy ounce, with resistance placed at 50.50-51.80 per troy ounce.
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On the MCX, gold has support at Rs 1,38,800-Rs 1,38,000 and resistance at Rs 1,40,000-Rs 1,40,550. Silver has support at Rs 1,77,700-Rs 1,75,000, while resistance is seen at Rs 1,81,400-Rs 1,83,800.
Jain suggested that long-term investors could accumulate gold and silver through systematic investment plans (SIPs) during the current market decline. However, he advised traders to remain cautious ahead of the US midterm elections.
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Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 1,02,528/8 grams while pure gold (24 carat) prices stand at Rs 1,11,840/8 grams.Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,02,408/8 grams while pure gold (24 carat) prices stand at Rs 1,11,720/8 grams.Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,02,408/8 grams while pure gold (24 carat) prices stand at Rs 1,11,720/8 grams.Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,02,408/8 grams while pure gold (24carat) prices stand at Rs 1,11,720/8 grams.Disclaimer: The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
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