Gold and silver prices commenced the day on a positive note on the MCX this Wednesday, as investors look forward to the upcoming US inflation data for insights into the trajectory of the Federal Reserve’s monetary policy. Ongoing tensions in the Middle East have maintained a spotlight on concerns regarding inflation driven by oil. In the domestic market, silver futures for September 2026 delivery increased by Rs 2,612, reaching Rs 2,38,271 per kg. Gold futures for October 2026 delivery increased by Rs 1,200, reaching Rs 1,54,950 per 10 grams. In the prior session, the two experienced a decline following a three-day rally.
Oil prices experienced an uptick as ambiguity surrounding a US-Iran peace agreement and assaults on two vessels heightened concerns regarding potential supply interruptions in the Middle East. A sustained rise in oil prices could contribute to inflationary pressures and lead central banks to exercise greater caution regarding interest rate reductions. Elevated interest rates typically exert downward pressure on gold, an asset that does not yield interest income. Markets have diminished their expectations for a September Federal Reserve rate hike to 48% in light of Friday’s disappointing jobs report. The US Consumer Price Index data, scheduled for release later on Wednesday, may offer additional insights into rate expectations.
Spot gold increased by 0.3% to $4,377.79 per ounce, whereas US gold futures for December delivery remained relatively stable at $4,438. Spot silver increased by 0.2% to $64.81 per ounce, continuing to trade below the peak level reached on June 22 during the prior session. According to Manoj Kumar Jain, 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 exhibits support within the range of $62.40 to $61.60 per troy ounce, while encountering resistance between $65.20 and $67.00 per troy ounce.
On MCX, gold is observed to be supported within the Rs 1,50,500-1,49,100 range, whereas resistance is identified at Rs 1,53,650-1,55,000. Silver exhibits support within the range of Rs 2,29,200 to Rs 2,27,000, while facing resistance between Rs 2,34,400 and Rs 2,38,000. Jain recommended purchasing gold during price declines within the Rs 1,51,000-1,50,000 range, advising a stop loss set beneath Rs 1,48,800 and target prices of Rs 1,53,000-1,54,400. He also recommended purchasing silver within the Rs 2,29,000-2,27,000 range, with a stop loss set below Rs 2,24,000 and targets of Rs 2,34,400-2,38,000.
