Gold prices rise Rs 1,500/10g; silver up Rs 3,100/kg ahead of US economic data, softer yields. Buy, sell or hold?

EconomicTimes2026/10/09 04:51

By:EconomicTimes

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Gold and silver prices opened higher on the Multi-Commodity Exchange (MCX) on Friday as a weaker US dollar and easing Treasury yields lifted the appeal of bullion, while investors assessed persistent inflation concerns and the outlook for Federal Reserve interest rates.

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In the domestic market, MCX silver futures for December 2026 delivery were up by Rs 3,100 to Rs 2,24,304 per kg. Gold futures for December 2026 delivery dipped by Rs 1,500 to Rs 1,50,999 per 10 grams.

The dollar's rally paused, making gold priced in the US currency more affordable for buyers holding other currencies. Meanwhile, the benchmark 10-year US Treasury yield declined for a second consecutive session.

Investors are now awaiting upcoming economic data for fresh clues on the Federal Reserve's monetary policy ahead of its October meeting. Last month, the US central bank voted unanimously to raise its policy rate by 0.25 percentage points. According to CME's FedWatch tool, traders are pricing in an 18% probability of a rate hike in October and an 82% chance of an increase in December.

Gold is traditionally considered a hedge against inflation, but higher interest rates tend to reduce its appeal as the metal does not offer any yield.

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Meanwhile, US President Donald Trump said Washington would not attack Iran before the November midterm congressional elections, adding that the two countries were holding "productive" talks to end the six-month-old war.

Gold, silver international prices

Spot gold gained 0.9% to $4,169.32 per ounce by 0137 GMT, recovering after hitting a two-month low on Wednesday. US gold futures also advanced 0.9% to $4,194.40.

Among other precious metals, spot silver rose 1.1% to $60.00 per ounce, platinum gained 2.2% to $1,670.15, and palladium advanced 2.1% to $1,146.98. Despite the gains, all three metals remained on track to post weekly losses.

How should you trade gold?

Manoj Kumar Jain of Prithvi Finmart said gold has support at $4,134-4,110 per troy ounce, while resistance is placed at $4,188-4,220. Silver has support at $59.10-58and resistance at $60-61.20 per troy ounce in today's session.

On the MCX, gold has support at Rs 1,48,800-1,48,100 and resistance at Rs 1,50,150-1,51,100. Silver has support at Rs 2,19,800-2,18,000, while resistance is seen at Rs 2,23,000-2,25,000.

Jain said long-term investors could accumulate gold and silver in a staggered manner during the current market decline. However, he advised traders to wait for some stability in the markets before initiating fresh positions.

Gold rates in physical markets

Gold Price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 1,09,792/8 grams while pure gold (24 carat) prices stand at Rs 1,19,752/8 grams.

Gold Price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 1,09,672/8 grams while pure gold (24 carat) prices stand at Rs 1,19,648/8 grams.

Gold Price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 1,09,672/8 grams while pure gold (24 carat) prices stand at Rs 1,19,648/8 grams.

Gold Price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 1,09,672/8 grams while pure gold (24 carat) prices stand at Rs 1,19,648/8 grams.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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