Gold prices extended gains on the MCX for a second consecutive session on Wednesday, as oil prices declined for a third straight day, alleviating inflation concerns. Investors are currently anticipating the forthcoming U.S. jobs data for new insights regarding the Federal Reserve’s interest rate path. In the domestic market, silver futures for September 2026 delivery increased by Rs 3,495, reaching Rs 2,25,110 per kg. Gold futures for October 2026 delivery increased by Rs 1,378, reaching Rs 1,45,677 per 10 grams. With today’s increase, the two have risen by Rs 8,400 (4%) and Rs 3,000 (3%) over the course of two sessions. The U.S. dollar continued to face downward pressure, resulting in dollar-denominated precious metals becoming more accessible for purchasers utilising alternative currencies.
Oil prices continued to decline following a significant drop over the past two sessions. Softer crude prices can alleviate inflationary pressures, thereby diminishing expectations of elevated interest rates. Qatar reported that mediators were advancing in their attempts to resolve the U.S.-Iran conflict, despite Tehran’s rejection of U.S. President Donald Trump’s assertion that negotiations had commenced. Traders are currently assigning a 59% probability to a Federal Reserve interest rate hike during the policy meeting scheduled for 15 to 16, a decrease from the 67% observed just a day prior. Gold, which does not provide any yield, generally loses its appeal when interest rates are anticipated to stay elevated.
Spot gold increased by 1.4% to $4,133.83 per ounce, reaching its highest point in a fortnight. U.S. gold futures increased by 1%, reaching a price of $4,191.90. Among other precious metals, spot silver advanced 2% to $60.70 per ounce, while platinum gained 1% to $1,751.03 after touching its highest level since mid June earlier in the session. Manoj Kumar Jain indicated that gold has support levels between $4,120 and $4,089 per troy ounce, while resistance is established at $4,184 to $4,222. Silver exhibits support levels ranging from $59.10 to $58.40 per troy ounce, while resistance is observed between $61.60 and $62.80. On the MCX, support for gold is observed at Rs 1,43,350-1,42,600, while resistance is noted at Rs 1,45,000-1,45,550.
For silver, support is identified at Rs 2,20,000-2,17,700, whereas resistance is observed at Rs 2,23,000-2,25,500. Jain advises purchasing gold within the price range of Rs 1,43,500 to Rs 1,42,800, implementing a stop loss beneath Rs 1,42,000, with a target set between Rs 1,45,000 and Rs 1,45,550. He also recommends purchasing silver within the Rs 2,20,000-2,19,000 range, with a stop loss set below Rs 2,17,700, aiming for a target of Rs 2,23,000-2,25,000.