Gold and Silver Recover on MCX Amid Fed Policy Reassessment

Gold and silver prices on the Multi Commodity Exchange (MCX) climbed higher on Tuesday, October 6, 2026, reversing some of the losses from a September correction. The rise came as investors reassessed the US Federal Reserve's monetary policy amid softer US employment data. Gold December futures on the MCX were trading at ₹1.49 lakh per 10 grams, up 0.32%, while silver December futures stood at ₹2.26 lakh per kg, higher by 0.11%.

Analysts noted that while the softer employment data reduced expectations of an immediate rate hike by the Fed, a stronger dollar and elevated US Treasury yields continued to pose challenges for bullion. Nirpendra Yadav, Senior Research Analyst at Bonanza, highlighted ₹1.46 lakh per 10 grams as a key support level for MCX gold, with resistance seen at ₹1.53-1.55 lakh per 10 grams. He advised caution, suggesting that fresh buying should be considered on dips rather than at higher levels.

In the international market, Vedika Narvekar, Research Analyst at Anand Rathi Share and Stock Brokers, observed that gold was holding around $4,140 an ounce. She identified $4,100 as a key support and $4,200 as resistance. On the MCX, she set immediate support at ₹1.48 lakh per 10 grams, with resistance at ₹1.50 lakh per 10 grams. Meanwhile, Gaurav Garg, Head of Research at Lemonn, pointed out that both gold and silver faced pressure from the dollar and US yields, while crude oil prices were rising due to supply concerns in West Asia.

Silver showed relatively stronger price action, with Vikram Subburaj, CEO of Giottus.com, noting that the MCX December silver contract was holding above ₹2.25 lakh per kg. He identified ₹2.28-2.30 lakh per kg as the next resistance zone, with ₹2.25 lakh per kg remaining an important support. For gold, Subburaj observed selling pressure in the ₹1.50-1.51 lakh per 10 grams range after the contract moved above ₹1.50 lakh per 10 grams on October 5.