Gold and Silver Prices Dip Ahead of Fed Minutes Release
Gold and silver prices dropped on the Multi Commodity Exchange (MCX) on Wednesday as investors awaited the release of the US Federal Reserve's September meeting minutes. The minutes, due later in the day, are expected to provide clarity on the Fed's monetary policy outlook and potential further interest rate hikes. Gold futures for December 2026 delivery fell by Rs 615 to Rs 1,49,505 per 10 grams, while silver futures for the same delivery dipped by Rs 1,600 to Rs 2,25,651 per kg.
Internationally, spot gold prices declined by 0.3% to $4,150.23 per ounce, and US gold futures slipped 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, and palladium declined by 0.3% to $1,168.20.
Manoj Kumar Jain of Prithvi Finmart advised traders to wait for market stability before taking fresh positions. He identified key support and resistance levels for gold and silver on the MCX and in international markets. For gold, support was seen at Rs 1,49,650-1,49,100 and resistance at Rs 1,50,800-1,51,350, while silver had support at Rs 2,25,500-2,24,000 and resistance at Rs 2,28,800-2,31,000.
In 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 noted in Mumbai, Chennai, and Hyderabad.