Gold and silver prices commenced the trading session on the Multi Commodity Exchange with a decline on Tuesday, as market participants shifted their focus toward significant inflation metrics and an upcoming address by Federal Reserve Chair Kevin Warsh at the Jackson Hole Conference later this week. In the domestic market, silver futures for September 2026 delivery declined by Rs 1,921, settling at Rs 2,42,299 per kg. Gold futures for October 2026 delivery decreased by Rs 229, settling at Rs 1,63,015 per 10 grams. In the past two sessions, silver has experienced a decline of Rs 4,300/kg, while gold has retraced following a four-day rally. Gold prices experienced a significant increase last week following the announcement from the U.S. Treasury Department regarding the decision to double the scale of liquidity support buyback operations for longer-dated notes and bonds. The action heightened apprehensions regarding currency devaluation.

Gold is often regarded as a safeguard against inflation; however, elevated interest rates may dampen demand for bullion by raising the opportunity cost associated with holding this non-yielding asset. Warsh’s inaugural address at the annual Jackson Hole conference this week has assumed heightened significance as traders and analysts look for insights regarding the recent uptick in bond yields and seek assurances of his autonomy from the Trump administration. The U.S. Personal Consumption Expenditures report, which is the Federal Reserve’s preferred measure of inflation, is scheduled for release on Wednesday. On the geopolitical front, Iran has pledged to respond to the increased U.S. economic sanctions that Washington claims will sever the nation’s economic lifeline. Tehran expressed confidence that its major trading partners would withstand the ongoing pressure campaign.

Spot gold increased by 0.4% to $4,668.19 per ounce, having reached its highest level since May 14 earlier in the session. U.S. gold futures increased by 0.6%, reaching a value of $4,724.50. Among other precious metals, spot silver increased by 0.3% to $69.16 per ounce, platinum saw a rise of 0.4% to $1,883.93, and palladium experienced a slight uptick of 0.2% to $1,359.00. Manoj Kumar Jain indicated that gold has support in the range of $4,665 to $4,610 per troy ounce, while resistance is observed between $4,740 and $4,770. Silver exhibits support within the range of $67.70 to $66.60, while encountering resistance between $69.80 and $71.00 per troy ounce. On the MCX, gold exhibits support levels between Rs 1,62,200 and Rs 1,61,000, with resistance identified at Rs 1,64,000 to Rs 1,65,150.

In contrast, silver shows support ranging from Rs 2,41,400 to Rs 2,39,100, while resistance is observed between Rs 2,47,000 and Rs 2,50,000. Jain indicated that he had recommended purchasing silver in the range of Rs 2,44,000-Rs 2,41,000 on Monday, with a stop loss set below Rs 2,37,000 and a target between Rs 2,49,000 and Rs 2,52,500. Investors who established long positions in accordance with the recommendation should adhere to the proposed stop loss and realise profits near the target levels, he stated. He also recommended purchasing gold during price corrections within the Rs 1,62,200-Rs 1,61,000 range, with a stop loss set below Rs 1,59,800 and a target of Rs 1,64,000-Rs 1,65,000.