Gold and silver rise in India ahead of US inflation data and Fed policy meeting
Precious metals futures in India advanced as investors position themselves ahead of crucial US inflation reports that will heavily influence the Federal Reserve's upcoming interest rate decision.
Precious metals futures in India posted gains as market participants adjusted their positions ahead of key macroeconomic data. MCX silver futures for September 2026 delivery climbed Rs 2,200 to Rs 2,41,180 per kg. October 2026 gold futures dipped Rs 822 to Rs 1,53,640 per 10 grams, though both metals secured two-session gains of Rs 900 and Rs 3,500 respectively.
International spot gold rose 0.6 percent to $4,429.89 per ounce, while December US gold futures held steady at $4,475.10. This recovery follows a brief decline triggered by robust August US job growth and an unchanged 4.1 percent unemployment rate.
Market focus has now shifted to the US producer price index due Thursday and the consumer price index on Friday. The CME FedWatch Tool indicates a 60 percent probability of a rate hike at next week's Federal Reserve policy meeting, a scenario that typically dampens demand for non-yielding bullion.
Market Outlook and Trading Levels
Manoj Kumar Jain of Prithvi Finmart noted that spot gold finds support between $4,400 and $4,440 per troy ounce, with resistance at $4,510 to $4,555. For silver, he identified support at $64.40 to $65.50 and resistance between $68.00 and $69.10.
On the domestic exchange, Jain placed MCX gold support at Rs 1,50,500 to Rs 1,51,750 and resistance at Rs 1,53,850 to Rs 1,54,700. Silver support sits at Rs 2,35,000 to Rs 2,36,600, with resistance ranging from Rs 2,41,000 to Rs 2,44,000.
Jain advised long-term investors to accumulate both metals in a staggered fashion during market dips. For short-term traders, he recommended buying gold near Rs 1,50,500 to Rs 1,52,000 with a stop-loss below Rs 1,48,800 and a target of Rs 1,54,400 to Rs 1,56,500.
Similarly, he suggested buying silver around Rs 2,35,000 to Rs 2,36,600, setting a stop-loss below Rs 2,31,000 and aiming for Rs 2,41,000 to Rs 2,44,000. In physical markets, 24-carat gold prices hovered around Rs 1,23,312 to Rs 1,23,432 per 8 grams across major cities including Delhi, Mumbai, Chennai, and Hyderabad.
