Gold prices dip Rs 1,500/10 grams; silver down Rs 1,600/kg

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The Economic Times daily newspaper is available online now. Read Today's Paper Gold prices dip Rs 1,500/10 grams; silver down Rs 1,600/kg ahead of Fed minutes. Key levels to trackBy Veer Sharma, ETMarkets.comLast Updated: Oct 07, 2026, 10:05:00 AM ISTSynopsis

Gold and silver prices fell on the Multi Commodity Exchange as traders anticipated crucial insights from the US Federal Reserve's September meeting minutes. While optimism for an October rate hike has waned, December remains on the table. Analysts have outlined key support and resistance levels for both metals today. Additionally, physical gold prices differ in major Indian cities, reflecting varied market dynamics.

Listen to this article in summarized format

Loading...×Gold and silver prices opened lower on the Multi Commodity Exchange (MCX) on Wednesday as investors awaited minutes from the US Federal Reserve's September meeting for clues on whether policymakers continue to favour further interest rate increases.

In the domestic market, MCX silver futures for December 2026 delivery were up by Rs 1,600 to Rs 2,25,651 per kg. Gold futures for December 2026 delivery dipped by Rs 615 to Rs 1,49,505 per 10 grams.

The minutes of the latest Federal Open Market Committee meeting are due later on Wednesday. The release is expected to provide greater clarity on the Fed's monetary policy outlook and the level of support among policymakers for additional rate hikes, potentially influencing expectations for upcoming rate moves.

Any resulting moves in long-term Treasury yields, the dollar or oil prices, particularly in response to developments in the Middle East, could further amplify gold's price direction.

Recent softer economic data has reduced expectations of a rate increase in October, although traders continue to price in an 85% probability of a hike by December. In a high interest rate environment, investors generally favour yield-generating assets over gold.

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Gold, silver international prices

Spot gold fell 0.3% to $4,150.23 per ounce by 0145 GMT, while US gold futures slipped 0.2% to $4,177.60.

Among other precious metals, spot silver fell roughly 1% to $61.12 per ounce, platinum gained 0.2% to $1,704.25, while palladium declined 0.3% to $1,168.20.

How should you trade gold?

Manoj Kumar Jain of Prithvi Finmart said gold has support at $4,155-4,134 per troy ounce, while resistance is seen at $4,204-4,222. For silver, support is placed at $60.60-60.00, with resistance at $62.40-63.00 per troy ounce in today's session.

On the MCX, Jain said gold has support at Rs 1,49,650-1,49,100 and resistance at Rs 1,50,800-1,51,350, while silver has support at Rs 2,25,500-2,24,000 and resistance at Rs 2,28,800-2,31,000. He advised traders to wait for some stability in the markets before taking fresh positions in gold and silver, while long-term investors can consider accumulating on dips.

Gold rates in physical markets

Gold Price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 1,10,288/8 grams while pure gold (24 carat) prices stand at Rs 1,20,304/8 grams.

Gold Price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 1,09,688/8 grams while pure gold (24 carat) prices stand at Rs 1,20,184/8 grams.

Gold Price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 1,09,272/8 grams while pure gold (24 carat) prices stand at Rs 1,19,208/8 grams.

Gold Price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 1,10,168/8 grams while pure gold (24carat) prices stand at Rs 1,20,184/8 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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