Gold and silver prices commenced the day on a downward trajectory on the Multi Commodity Exchange this Wednesday, as market participants looked forward to the release of the minutes from the US Federal Reserve’s September meeting. This anticipation is driven by a desire for insights regarding the potential for additional interest rate hikes by policymakers. In the domestic market, MCX silver futures for December 2026 delivery increased by Rs 1,600, reaching Rs 2,25,651 per kg. Gold futures for December 2026 delivery decreased by Rs 615, settling at Rs 1,49,505 per 10 grams. The minutes of the most recent Federal Open Market Committee meeting are scheduled for release later on Wednesday.
The release is anticipated to offer enhanced insight into the Fed’s monetary policy trajectory and the degree of consensus among policymakers regarding further rate increases, which may shape expectations for forthcoming rate adjustments. 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 diminished expectations for a rate increase in October; however, traders still assign an 85% probability to a hike by December.
In a high interest rate environment, investors typically prefer yield-generating assets to gold. Spot gold declined by 0.3% to $4,150.23 per ounce as of 0145, whereas US gold futures decreased by 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. Manoj Kumar Jain indicated that gold has support levels at $4,155-4,134 per troy ounce, whereas resistance is anticipated at $4,204-4,222. For silver, support is positioned at 60.60-60.00, while resistance is observed at 62.40-63.00 per troy ounce in today’s session.
On the MCX, Jain indicated that gold has support levels at Rs 1,49,650-1,49,100 and resistance levels at Rs 1,50,800-1,51,350, whereas 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 exercise patience for a period of market stability before establishing new positions in gold and silver, whereas long-term investors might contemplate accumulating during price dips.
