Gold and Silver Prices Plummet Following Federal Reserve Rate Hike

The price of gold and silver plummeted on Thursday following the Federal Reserve's first rate hike since 2023. The gold October 5 contract on the Multi Commodity Exchange (MCX) opened with a fall of Rs 1,957 or 1.28 per cent at Rs 1,50,513 per 10 grams against the previous close of Rs 1,52,470.

As of last seen, gold was trading at Rs 1,51,580 with a fall of Rs 890. The December 2026 futures for gold were down by Rs 1,055 or 0.69 per cent to trade at Rs 1,52,956 per 10 grams in business turnover of 10,071 lots.

According to Aamir Makda, Commodity & Currency Analyst, Technical Research, Choice Broking, the rise in interest has tended to pressure gold prices by increasing the appeal of interest-bearing assets. He noted that key support for intraday momentum would be at 1,50,100 and resistance would be at 151,750-152,350 respectively.

Silver futures maturing on December 4, 2026, opened in the red with a drop of Rs 2,485 or 1.05 per cent to Rs 2,32,301 against the previous close of Rs 2,34,786. It later touched the intraday low of Rs 2,32,301, a fall of Rs 4,565 or 1.94 per cent.

The COMEX gold price fell 0.76 per cent to approximately USD 4,320.1 per troy ounce in the international market. The spot gold price at 1 pm was USD 4,318.69 per ounce, up by USD 28.16 or 0.65 per cent.