Gold Prices in India Open Mixed on MCX Amid Weaker Oil and US Dollar

Gold prices in India opened mixed on Friday on the Multi Commodity Exchange (MCX), supported by weaker oil prices and a subdued US dollar. The Federal Reserve raised interest rates on Wednesday, indicating further hikes could follow in the coming months.

The MCX silver futures for September 2026 delivery were up Rs 1,000 to Rs 2,39,008 per kg, while gold futures for October 2026 delivery declined by Rs 800 to Rs 1,52,171 per 10 grams. Despite the latest US rate increase, Goldman Sachs retained its end-2027 gold price forecast of $5,400 per troy ounce.

Manoj Kumar Jain of Prithvi Finmart said that gold and silver prices are likely to remain highly volatile during today's session but are expected to hold their weekly closing support levels. He also warned that traders should book profits on long positions in gold and silver on every rise in prices, due to the volatility in crude oil prices and the dollar index.