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Gold prices eased on Wednesday across Indian cities as profit booking and a firmer US dollar weighed on sentiment. MCX Gold October futures were trading 0.31% lower at Rs. 1,13,478 per 10 grams, while MCX Silver December futures slipped 0.22% to Rs. 1,34,763 per kg around 9:40 am.
The decline comes after bullion hit fresh record highs earlier this week. A stronger dollar index, which rose 0.10%, made gold costlier in other currencies, dampening demand. Meanwhile, cautious remarks from US Federal Reserve Chair Jerome Powell on future rate cuts also added to the pressure.
In Bangalore, gold prices registered a decline. The 24K gold price fell to Rs. 11,537 per gram and Rs. 1,15,370 for 10 grams, down Rs. 32 and Rs. 320.
Similarly, 22K gold prices were Rs. 10,575 per gram and Rs. 1,05,750 for 10 grams, down Rs. 30 and Rs. 300.
Mumbai gold prices pivoted downward, similar to Bangalore.
In Delhi, 24K gold was trading slightly higher than Mumbai and Bangalore, at Rs. 11,552 per gram and Rs. 1,15,520 for 10 grams, with prices dropping by Rs. 32 and Rs. 320, respectively.
The 22K gold rate was recorded at Rs. 10,590 per gram and Rs. 1,05,900 for 10 grams, down by Rs. 30 and Rs. 300.
Internationally, spot gold was steady near $3,762.05 per ounce after touching a record $3,790.82 on Tuesday. US gold futures slipped 0.6% to $3,794.50. The FedWatch tool suggests two rate cuts are still expected this year, but Powell emphasized balancing inflation risks with employment weakness.
Analysts note that inflation data due later this week, particularly the US PCE index, will be crucial for gold’s near-term direction.
Despite short-term corrections, analysts remain positive on the long-term outlook for gold. Support on MCX Gold is seen at Rs. 1,13,000-Rs. 1,12,380, with resistance at Rs. 1,14,450-Rs. 1,14,900.
Silver has strong support around Rs. 1,33,450-Rs. 1,32,750, and resistance around Rs. 1,35,850-Rs. 1,36,600.
According to commodity analysts, traders are advised to buy gold around Rs. 1,12,500, on corrective dips, with a stop-loss below Rs. 1,11,880, targeting Rs. 1,14,400.
Gold prices have risen nearly 130% over the last five years, from Rs. 50,250 in 2020 to over Rs. 1,14,000 in 2025. Although volatility remains due to moves in the global currency and central banks' signals, gold remains a safe-haven investment. For investors, short-term drops will continue to present opportunities to build a position.
