Gold Steady Amid US Rate and Dollar Pressures
Gold prices held firm while silver dipped slightly in global markets on Tuesday, October 6, 2026, as investors weighed the impact of US interest rates, Treasury yields, and a strong dollar.
On COMEX, gold futures were trading at $4,159.40 per ounce, up $2.60 or 0.06%, while silver futures dropped $0.20 or 0.33%, to $61.10 per ounce. In the spot market, gold was nearly unchanged at $4,141.31 per ounce, reflecting a pause after recent declines.
US Treasury yields and Federal Reserve rate expectations remain critical for precious metals. Higher yields increase the opportunity cost of holding gold and silver, which do not pay interest. A stronger dollar also makes bullion more expensive for foreign buyers. Recent softer-than-expected jobs data has reduced the likelihood of an immediate rate hike, offering some support to gold.
Analysts are closely monitoring the upcoming US jobs report for further insights into the Federal Reserve's policy direction. Prithviraj Kothari of RiddiSiddhi Bullions identified key support levels for gold at $4,110 and $4,000 per ounce. Dhruv Joglekar of Monarch PMS expects gold to find support in October due to festive season demand and central bank purchases.
In New Delhi, domestic gold prices remained unchanged at ₹1.49 lakh per 10 grams on Monday, while silver held steady at ₹2.27 lakh per kilogram. Subdued demand from jewellers and a firm US dollar kept domestic prices in check.