Gold and silver prices opened lower on the Multi Commodity Exchange on Tuesday as investors turned their attention to key inflation data and a speech by Federal Reserve Chair Kevin Warsh later this week at the Jackson Hole Conference.
In the domestic market, MCX silver futures for September 2026 delivery were down Rs 1,921 to Rs 2,42,299 per kg. Gold futures for October 2026 delivery declined by Rs 229 to Rs 1,63,015 per 10 grams. In the last two sessions, silver has declined Rs 4,300/kg, while gold dipped after a 4-day rally.
Gold prices surged last week after the U.S. Treasury Department announced that it would double the size of liquidity support buyback operations for longer-dated notes and bonds. The move fuelled concerns over currency debasement.
Gold is widely viewed as a hedge against inflation, although higher interest rates can weigh on demand for bullion by increasing the opportunity cost of holding the non-yielding asset.
Warsh's first speech at the annual Jackson Hole conference this week has gained added importance as traders and analysts seek guidance on the recent rise in bond yields and reassurance about his independence from the Trump administration.
The U.S. Personal Consumption Expenditures report, the Federal Reserve's preferred measure of inflation, is due on Wednesday.
On the geopolitical front, Iran has vowed to retaliate against expanded U.S. economic sanctions that Washington said would cut off the country's economic lifeline. Tehran said it was confident that major trading partners would resist the pressure campaign.
Also read: Gold prices jump 7% to log best weekly gain in 8 months. Start of another yellow metal bull run?
Gold, silver international prices
Spot gold was up 0.4% at $4,668.19 per ounce after touching its highest level since May 14 earlier in the session. U.S. gold futures gained 0.6% to $4,724.50.
Among other precious metals, spot silver rose 0.3% to $69.16 per ounce, platinum gained 0.4% to $1,883.93, and palladium edged up 0.2% to $1,359.00.
How should you trade gold?
Manoj Kumar Jain of Prithvi Finmart said gold has support at $4,665-$4,610 per troy ounce, while resistance is seen at $4,740-$4,770. Silver has support at $67.70-$66.60, with resistance at $69.80-$71.00 per troy ounce.
On the MCX, gold has support at Rs 1,62,200-Rs 1,61,000 and resistance at Rs 1,64,000-Rs 1,65,150, while silver has support at Rs 2,41,400-Rs 2,39,100 and resistance at Rs 2,47,000-Rs 2,50,000.
Jain said he had suggested buying silver around Rs 2,44,000-Rs 2,41,000 on Monday, with a stop loss below Rs 2,37,000 and a target of Rs 2,49,000-Rs 2,52,500. Investors who took long positions based on the recommendation should maintain the suggested stop loss and book profits around the target levels, he said.
He also recommended buying gold on dips in the Rs 1,62,200-Rs 1,61,000 range, with a stop loss below Rs 1,59,800 and a target of Rs 1,64,000-Rs 1,65,000.
Read more: Explained: Why South Korea bought gold after 13 years and what it means for yellow metal investors?
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 1,20,368/8 grams while pure gold (24 carat) prices stand at Rs 1,31,304/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,20,248/8 grams while pure gold (24 carat) prices stand at Rs 1,31,184/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,20,248/8 grams while pure gold (24 carat) prices stand at Rs 1,31,184/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,20,248/8 grams while pure gold (24 carat) prices stand at Rs 1,31,184/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.)
