Gold prices experienced a significant decline on the Multi-Commodity Exchange of India on Thursday, following the US Federal Reserve’s decision on Wednesday to maintain its benchmark interest rate at 3.5% to 3.75%. The US Federal Reserve adopted a hawkish stance, indicating a diminished urgency to lower interest rates. MCX silver futures scheduled for May 2026 experienced a decline of Rs 18,960, representing an 8% decrease, bringing the price to Rs 2,29,234 per kg. In the interim, gold futures set for April 2026 delivery experienced a decrease of Rs 6,268, reflecting a 4% drop, bringing the price to Rs 1,46,757 per 10 grams.
On the downside, immediate support is positioned within the Rs 2,40,000–Rs 2,38,000 range. A decline beneath this band could hasten the descent toward Rs 2,31,000, which constitutes a significant structural support level. In summary, the prevailing near-term sentiment is characterized by caution, as geopolitical risks and overarching uncertainty persist in shaping market attitudes.
On the downside, immediate support is positioned at Rs 1,50,000. A breach below this level may initiate prolonged profit booking, potentially pulling prices down to the Rs 1,47,000 threshold. In the near term, the prevailing sentiment suggests a buy-on-dips strategy, provided that prices maintain their position above critical support levels. The ongoing macroeconomic uncertainty and geopolitical events are expected to sustain heightened volatility.