MCX gold prices dip Rs 2,400/10g; silver falls Rs 3,400/kg on Dhanteras as rate hike bets rise again. Buy, sell or hold?
MCX Gold Price: Gold and silver prices tumbled on MCX as surging crude oil prices reignited inflation concerns and strengthened expectations of a December Fed rate hike. Investors await US jobs data for fresh policy cues, while Goldman Sachs has l...
By Veer Sharma, ETMarkets.com | Updated:
ETMarkets.com
Gold and silver slide as crude surges and rate hike bets rise.
Gold and silver prices opened sharply lower on the Multi Commodity Exchange (MCX) on Friday as a sharp rise in crude oil prices following fresh attacks revived inflation concerns and raised expectations of a possible US Federal Reserve rate hike.
Investors are now awaiting the US non-farm payrolls report for fresh cues on the Fed's interest rate trajectory.
In the domestic market, MCX silver futures for December 2026 delivery were down by Rs 3,440 to Rs 1,83,700 per kg. Gold futures for December 2026 delivery dropped by Rs 2,300 to Rs 1,41,808 per 10 grams.
Read More: Gold Price Today Live Updates: Check Gold and Silver rates in Mumbai, Delhi, Hyderabad, Chennai and Bangalore
In the previous session, MCX gold rose half a per cent to end at Rs 1.43 lakh per 10 grams. The white metal lost 0.4% to Rs 1.87 lakh per kilogram.
The US non-farm payrolls report due later in the day is expected to offer fresh insights into the health of the labour market and help investors assess the Fed's next policy move.
Meanwhile, two Federal Reserve officials on Thursday called for modest and steady interest rate increases to bring inflation back towards the central bank's target, according to a Reuters report. These were among the first comments from policymakers following the Democrats' electoral gains in the US, which could have implications for the trajectory of inflation.
According to the CME FedWatch tool, traders are currently pricing in a 71% probability of a Fed rate hike in December.
Higher interest rates typically weigh on gold by increasing the opportunity cost of holding the non-yielding asset, making it less attractive to investors.
Adding to the pressure on gold's outlook, Goldman Sachs lowered its end-2026 price forecast to $4,150 per ounce from $4,650, citing the implications of the Federal Reserve's increasingly hawkish policy stance in recent months.
Read More: Gold vs silver ETFs: Where should investors put their money this Dhanteras? Experts share their strategies
On the MCX, gold has support at Rs 1,42,800-1,41,400 and resistance at Rs 1,45,100-1,46,500. Silver has support at Rs 1,85,000-1,81,800, while resistance is seen at Rs 1,89,100-1,91,400.
Jain recommended buying gold in the Rs 1,42,400-1,41,000 range, with a stop loss below Rs 1,40,000 and targets of Rs 1,44,400-1,45,500. For silver, he suggested buying in the Rs 1,86,000-1,83,000 range, with a stop loss below Rs 1,79,800 and targets of Rs 1,91,100-1,94,400.
He advised investors holding long positions in gold and silver based on his earlier recommendations to maintain the prescribed stop losses and book profits near the stated target levels.
Standard gold (22 carat) prices in Delhi stand at Rs 1,07,200/8 grams while pure gold (24 carat) prices stand at Rs 1,16,936/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,07,080/8 grams while pure gold (24 carat) prices stand at Rs 1,16,816/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,07,080/8 grams while pure gold (24 carat) prices stand at Rs 1,16,816/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,07,080/8 grams while pure gold (24 carat) prices stand at Rs 1,16,816/8 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
Investors are now awaiting the US non-farm payrolls report for fresh cues on the Fed's interest rate trajectory.
In the domestic market, MCX silver futures for December 2026 delivery were down by Rs 3,440 to Rs 1,83,700 per kg. Gold futures for December 2026 delivery dropped by Rs 2,300 to Rs 1,41,808 per 10 grams.
Read More: Gold Price Today Live Updates: Check Gold and Silver rates in Mumbai, Delhi, Hyderabad, Chennai and Bangalore
In the previous session, MCX gold rose half a per cent to end at Rs 1.43 lakh per 10 grams. The white metal lost 0.4% to Rs 1.87 lakh per kilogram.
The US non-farm payrolls report due later in the day is expected to offer fresh insights into the health of the labour market and help investors assess the Fed's next policy move.
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Meanwhile, two Federal Reserve officials on Thursday called for modest and steady interest rate increases to bring inflation back towards the central bank's target, according to a Reuters report. These were among the first comments from policymakers following the Democrats' electoral gains in the US, which could have implications for the trajectory of inflation.
According to the CME FedWatch tool, traders are currently pricing in a 71% probability of a Fed rate hike in December.
Higher interest rates typically weigh on gold by increasing the opportunity cost of holding the non-yielding asset, making it less attractive to investors.
Gold, silver international prices
In today’s session, Spot gold dropped 0.4% to $4,040 per ounce, while spot silver dipped 1.5% to $51.42 per ounce.ADVERTISEMENT
Adding to the pressure on gold's outlook, Goldman Sachs lowered its end-2026 price forecast to $4,150 per ounce from $4,650, citing the implications of the Federal Reserve's increasingly hawkish policy stance in recent months.
Read More: Gold vs silver ETFs: Where should investors put their money this Dhanteras? Experts share their strategies
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How should you trade gold?
Manoj Kumar Jain of Prithvi Finmart said gold has support at $4,064-4,022 per troy ounce, while resistance is placed at $4,140-4,174. Silver has support at $51.20-50.00 per troy ounce and resistance at $53.50-54.40.On the MCX, gold has support at Rs 1,42,800-1,41,400 and resistance at Rs 1,45,100-1,46,500. Silver has support at Rs 1,85,000-1,81,800, while resistance is seen at Rs 1,89,100-1,91,400.
Jain recommended buying gold in the Rs 1,42,400-1,41,000 range, with a stop loss below Rs 1,40,000 and targets of Rs 1,44,400-1,45,500. For silver, he suggested buying in the Rs 1,86,000-1,83,000 range, with a stop loss below Rs 1,79,800 and targets of Rs 1,91,100-1,94,400.
He advised investors holding long positions in gold and silver based on his earlier recommendations to maintain the prescribed stop losses and book profits near the stated target levels.
Gold rate in physical markets
Gold Price today in DelhiStandard gold (22 carat) prices in Delhi stand at Rs 1,07,200/8 grams while pure gold (24 carat) prices stand at Rs 1,16,936/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,07,080/8 grams while pure gold (24 carat) prices stand at Rs 1,16,816/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,07,080/8 grams while pure gold (24 carat) prices stand at Rs 1,16,816/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,07,080/8 grams while pure gold (24 carat) prices stand at Rs 1,16,816/8 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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