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Gold prices opened slightly higher on Wednesday as investors positioned themselves for the Federal Reserve’s policy outcome.
On MCX, Gold, February futures rose 0.20% to Rs. 1,30,369 per 10 grams, while MCX silver March futures climbed 1.14% to Rs. 1,90,210 per kg. The uptick reflects strong trading interest in precious metals despite mixed signals from global markets.
As in the global markets, Gold prices also increased domestically. 24K gold in Mumbai rose to Rs. 13,031 from yesterday’s Rs. 12,944 per gram. The price for 10 grams of 24K gold has also increased to Rs. 1,30,310.00 from Rs. 1,29,440.00.
Similarly, due to the decrease in price for 24K gold, 22K gold prices have also jumped to Rs. 11,945.00 per gram from Rs. 11,865.00; the cost for 10 grams of 22K gold reached Rs. 1,19,450.00 from Rs. 1,18,650.00.
Mirroring Mumbai's market scenario, gold prices in Chennai also increased. 24K gold price per gram in Chennai currently stands at Rs. 13,124.00 from the previous price of Rs. 13,091.00.
The price of 10 grams of 24K gold has also increased from Rs. 1,30,910.00 to Rs. 1,31,240.00.
The PCE price index, the Fed’s preferred inflation gauge, increased 0.3% in September, mirroring August’s reading. YoY, PCE rose 2.8%, slightly above the prior month’s 2.7% print.
Meanwhile, initial jobless claims dropped to 1,91,000, marking a three-year low and coming in well below expectations.
Economists at Comerica anticipate a 25-basis-point rate cut, which could bring the federal funds rate down to 3.50%-3.75%.
Even though expectations of monetary easing support gold, rising US Treasury yields, recently touching a 10-week high, continue to act as a headwind.
Global gold support at $4,175-$4,145 and resistance at $4,270-$4,295. For silver, support zones lie at $60.70-$59.85, while resistance levels appear at $61.95-$62.45.
On MCX, gold may find support at Rs. 1,29,450-Rs. 1,28,750, with resistance around Rs. 1,30,950-Rs. 1,31,700. Silver may find support at Rs. 1,86,750-Rs. 1,85,200, with resistance at Rs. 1,89,810-Rs. 1,90,670.
Experts expect gold to trade between $3,960-4,380 per ounce this week, while silver could fluctuate within $54.40-$62.80 per ounce.
Also Read: Gold ETFs Hit Rs. 1 Lakh Crore: Why Millions of Indians Are Betting Big on ETFs in 2025
