Gold and silver dip ahead of Fed minutes release

Gold and silver prices opened lower on the Multi Commodity Exchange (MCX) on Wednesday as investors awaited the release of the US Federal Reserve's September meeting minutes. The minutes are expected to provide insight into whether policymakers still favor further interest rate increases, which could influence gold's price direction. On the MCX, gold futures for December 2026 delivery dipped by Rs 615 to Rs 1,49,505 per 10 grams, while silver futures for the same delivery date fell by Rs 1,600 to Rs 2,25,651 per kg.

Internationally, spot gold fell 0.3% to $4,150.23 per ounce, and US gold futures slipped 0.2% to $4,177.60. Other precious metals saw mixed movements, with spot silver dropping roughly 1% to $61.12 per ounce, platinum gaining 0.2% to $1,704.25, and palladium declining 0.3% to $1,168.20.

Analyst Manoj Kumar Jain of Prithvi Finmart suggested that gold has support at $4,155-4,134 per troy ounce, with resistance at $4,204-4,222. For silver, support is placed at $60.60-60.00, with resistance at $62.40-63.00 per troy ounce. On the MCX, gold support is at Rs 1,49,650-1,49,100, with resistance at Rs 1,50,800-1,51,350, while silver support is at Rs 2,25,500-2,24,000, with resistance at Rs 2,28,800-2,31,000. Jain advised traders to wait for market stability before taking fresh positions.

In the physical markets, gold prices varied across cities. In Delhi, standard gold (22 carat) was priced at Rs 1,10,288 per 8 grams, while pure gold (24 carat) was at Rs 1,20,304 per 8 grams. Similar variations were observed in Mumbai, Chennai, and Hyderabad.