Gold prices remained stable on Wednesday at Rs 1,30,770 per 10 grams for 24-karat purity, maintaining their position despite cautious global sentiment ahead of key U.S. economic data. Prices for 22-karat gold stayed unchanged at Rs 1,19,890 per 10 grams. In the retail market, 24-karat gold was priced at Rs 13,099.06 per gram, while silver stood at Rs 180.62 per gram. The subdued domestic tone reflected global trends, with spot gold stable at $4,207.43 per ounce after a 1% drop in the prior session, while U.S. gold futures rose 0.5% to $4,239.50 as investors awaited the ADP jobs report and delayed September PCE data, both key inputs for expectations of a potential Federal Reserve rate cut next week. Gold and silver were volatile intraday, rebounding from lows but finishing modestly lower as the prospect of additional Fed easing supported sentiment. Recent U.S. data showed mild economic softness, lifting the probability of a December rate cut to nearly 90%, while speculation surrounding Kevin Hassett as a possible successor to Jerome Powell added to the dovish tone.
Investors are now focused on the ADP jobs report and delayed PCE data for further policy cues, while U.S. Treasury yields softened after rising in response to a global bond sell-off. Gold is positioned with support at $4175–4145 and resistance at $4270–4295; silver shows support at $57.70–56.85 and resistance at $58.95–59.45. In INR terms, gold’s support levels stand at Rs 1,28,650–1,27,850, with resistance at Rs 1,30,450–1,31,100, while silver has support at Rs 1,80,750–1,79,200 and resistance at Rs 1,82,810–1,83,670. Rahul Kalantri stated that bullion “remained highly volatile, recovering from the day’s lows but ending slightly weaker,” emphasizing that expectations of further Fed easing continued to guide sentiment as “recent US data indicated mild economic softness, raising the probability of a rate cut next week to nearly 90%.” He added that political speculation regarding Kevin Hassett replacing Jerome Powell contributed to the dovish environment, and noted that U.S. Treasury yields declined after a prior uptick driven by global bond market pressure.
In the near term, Kalantri identifies global gold support at $4,175–4,145 and resistance at $4,270–4,295, with Indian gold showing support at Rs 1,28,650–1,27,850 and resistance at Rs 1,30,450–1,31,100, a range closely monitored by traders. Silver’s support lies at Rs 1,80,750–1,79,200 and resistance at Rs 1,82,810–1,83,670. Kaynat Chainwala highlighted that “silver stole the limelight again on Monday, extending the strong momentum from Friday’s 6% surge,” driven by decade-low Chinese inventories, supply tightness concerns, high borrowing costs, and strong ETF demand. She noted that global silver ETFs saw inflows of 9.7 million ounces last week, bringing year-to-date additions to 113.4 million ounces. Chainwala added that gold briefly touched a six-week high earlier in the week as expectations for a U.S. rate cut strengthened, with CME data showing nearly an 87% probability of a December cut. However, gold “eased to $4,220 on profit-taking,” while silver fell 2% to $57.2 as traders paused after a six-day rally.
As domestic gold prices hover near the upper band of Kalantri’s resistance zone at Rs 1,31,100, traders are preparing to interpret upcoming U.S. macroeconomic data for clarity on future market direction. A stronger-than-expected U.S. reading could dampen expectations for a December Fed rate cut, while weaker data may push bullion prices higher. Volatility in silver and crude oil also continues to play a meaningful role in shaping overall sentiment within the commodities market, contributing to heightened uncertainty as investors await critical economic indicators.