Gold and silver prices commenced on an upward trajectory for the second consecutive session on the Multi Commodity Exchange on Tuesday, driven by a decline in the US dollar. Investors are keenly anticipating inflation data that may shape expectations regarding the Federal Reserve’s forthcoming policy decisions. In the domestic market, silver futures for September 2026 delivery increased by Rs 2,200, reaching Rs 2,41,180 per kg. Gold futures for October 2026 delivery decreased by Rs 822, settling at Rs 1,53,640 per 10 grams. With today’s gains, gold and silver have increased by Rs 900 and Rs 3,500 over the course of two sessions.

Markets are currently anticipating the release of the US producer price index data scheduled for Thursday, which will be succeeded by the consumer price index data on Friday. Spot gold experienced a downturn in the last two sessions following the release of data indicating a significant acceleration in US job growth for August, while the unemployment rate held steady at 4.1%, suggesting a strengthening in labour market conditions. Traders are currently assigning a 60% probability to a rate hike at the upcoming Federal Reserve policy meeting, as indicated by the CME FedWatch Tool. Elevated interest rates typically diminish the attractiveness of non-yielding gold. In a recent geopolitical development, Iran has issued a threat to the United States, declaring its intent to engage in “economic warfare” and asserting that it has launched an advanced missile at US warships.

The comments underscored the potential for further escalation in the conflict, occurring just days after the two sides engaged in renewed hostilities. Spot gold increased by 0.6% to $4,429.89 per ounce, whereas US gold futures for December delivery remained relatively stable at $4,475.10. Among other precious metals, spot silver rose 1% to $66.78 per ounce, platinum gained 0.4% to $1,834.00, while palladium was up 1% at $1,402.87. Manoj Kumar Jain indicated that gold has support levels at $4,440-$4,400 per troy ounce, whereas resistance is observed at $4,510-$4,555. For silver, support is positioned at $65.50-$64.40 per troy ounce, while resistance is observed at $68.00-$69.10 in today’s session.

On the MCX, gold exhibits support levels between Rs 1,51,750 and Rs 1,50,500, while resistance is observed in the range of Rs 1,53,850 to Rs 1,54,700. Silver exhibits support in the range of Rs 2,36,600 to Rs 2,35,000, with resistance identified between Rs 2,41,000 and Rs 2,44,000. Jain advised that long-term investors ought to accumulate gold and silver gradually during periods of market decline. For traders, he suggested entering a position in gold within the range of Rs 1,52,000 to Rs 1,50,500, setting a stop-loss beneath Rs 1,48,800, and aiming for a target between Rs 1,54,400 and Rs 1,56,500. He also recommended purchasing silver in the range of Rs 2,36,600-Rs 2,35,000, with a stop-loss set below Rs 2,31,000 and a target of Rs 2,41,000-Rs 2,44,000.