Gold and silver prices commenced the day on a lower note on the Multi Commodity Exchange this Wednesday, as the decline in oil prices contributed to a reduction in inflationary pressures. Investors closely monitored the imminent festive season and Dhanteras for indications of demand. In the domestic market, MCX silver futures for December 2026 delivery experienced a decline of Rs 2,000, settling at Rs 1,77,784 per kg. Gold futures for December 2026 delivery experienced a slight decline, settling at Rs 1,30,300 per 10 grams. US job openings experienced a significant increase in September, while layoffs fell to their lowest point in a year and a half. This suggests that the labour market continues to exhibit relative strength, even in the face of modest employment growth for the month.
The resilience of the labour market, in light of the ongoing uncertainty related to the US-Israeli war with Iran, now in its ninth month, has afforded the Federal Reserve increased latitude to elevate interest rates in an effort to mitigate the inflationary consequences of the conflict. The decline in oil prices, however, alleviated worries regarding inflation and bolstered expectations that the Federal Reserve may not be required to sustain elevated interest rates for a prolonged duration. This bolstered demand for gold, which provides no yield. Investors were also preparing for a potentially robust showing by Democrats in Tuesday’s US midterm elections, a development that could result in increased volatility across asset prices. Traders are presently assigning a 78% likelihood to a Federal Reserve rate increase in December, as indicated by CME’s FedWatch tool.
Spot gold decreased by 0.3% to $3,948.75 per ounce, whereas US gold futures for December delivery increased by 0.1% to $3,943.20. Spot silver declined by 0.2%, settling at $49.67 per ounce. Among other precious metals, spot silver declined by 0.2%, settling at $49.67 per ounce. Platinum increased by 0.3% to $1,422.15, whereas palladium rose by 0.5% to $938.49. Manoj Kumar Jain indicated that any positive developments in US-Iran peace talks after the US midterm elections could offer a considerable uplift to bullion prices. He anticipates that gold will maintain support at $3,800 per troy ounce, whereas silver is expected to secure support at $45 per troy ounce. He anticipates that gold and silver prices will exhibit volatility this week, influenced by variations in crude oil prices, shifts in the dollar index, and persistent geopolitical tensions.
For the day’s session, gold exhibits support levels between 3,914 and 3,880 per troy ounce, while resistance is observed in the range of 3,980 to 4,000 per troy ounce. Silver exhibits support within the range of 48.80 to 48.00 per troy ounce, while resistance is identified between 50.50 and 51.80 per troy ounce. On the MCX, gold exhibits support in the range of Rs 1,38,800 to Rs 1,38,000, while resistance is observed between Rs 1,40,000 and Rs 1,40,550. Silver exhibits support within the range of Rs 1,77,700 to Rs 1,75,000, whereas resistance is identified between Rs 1,81,400 and Rs 1,83,800. Jain proposed that long-term investors might consider accumulating gold and silver via systematic investment plans amid the ongoing market downturn. However, he advised traders to exercise caution in anticipation of the US midterm elections.
