Gold and silver prices exhibited a mixed opening on the Multi Commodity Exchange on Wednesday, as investors evaluated the likelihood of major central banks maintaining elevated interest rates for an extended period in their ongoing efforts to manage persistent inflation. In the domestic market, MCX silver futures for September 2026 delivery increased by Rs 780, reaching Rs 2,40,666 per kg. Gold futures for October 2026 delivery remained unchanged at Rs 1,52,549 per 10 grams. Over the span of two days, silver has appreciated by more than Rs 1,400 on the MCX, whereas gold has experienced a decline of Rs 1,900 over the course of three consecutive sessions. The dollar remained near a two-month high, exerting pressure on bullion priced in the US currency by increasing costs for buyers holding alternative currencies.

Gold is frequently perceived as a safeguard against inflation; however, elevated interest rates may diminish its appeal by enhancing the returns obtainable from interest-bearing assets. US President Donald Trump cautioned that he could obliterate Iran if a resolution to the conflict is not achieved, while simultaneously suggesting that an agreement could be finalised as diplomatic initiatives progress at the United Nations. The Federal Reserve raised its benchmark interest rate by 25 basis points last week to 3.75%-4.00% and indicated that another hike could come before the end of the year. The Bank of Japan and the European Central Bank have recently increased interest rates. Spot gold experienced a decline of 0.2%, priced at $4,345.99 per ounce as of 0147.

In contrast, US gold futures for December delivery saw an increase of 0.2%, reaching $4,382.70. Among other precious metals, spot silver declined 0.4% to $66.78 per ounce, platinum fell 0.8% to $1,818.21, and palladium dropped 0.4% to $1,302.61. Manoj Kumar Jain indicated that gold has support levels between $4,345 and $4,310 per troy ounce, while resistance is observed in the range of $4,400 to $4,440. For silver, support is observed at $65.50-$64.40 per troy ounce, while resistance is noted at $68.00-$69.10 in today’s session. On the MCX, gold exhibits support levels between Rs 1,51,850 and Rs 1,51,100, with resistance identified in the range of Rs 1,53,650 to Rs 1,54,400.

In contrast, silver shows support at Rs 2,37,700 to Rs 2,35,500, while resistance is noted between Rs 2,41,000 and Rs 2,44,000. Jain has advised purchasing gold in the range of Rs 1,52,500 to Rs 1,51,000, with a stop loss set below Rs 1,49,600 and a target price of Rs 1,55,000 to Rs 1,56,100. For silver, he has suggested purchasing in the range of Rs 2,36,000 to Rs 2,34,000, with a stop loss set below Rs 2,29,000 and a target of Rs 2,44,000 to Rs 2,47,000. Investors holding long positions in precious metals, as per the recommendations, are advised to uphold the established stop losses and realise profits at the designated target levels.