Gold, Silver Prices Today: MCX Rates Rise as Fed Fears Ease

Silver Prices on MCX

December silver futures traded at Rs 2,12,013 per kg, up Rs 826 or 0.39 per cent from the previous close of Rs 2,11,187.

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Silver hit an intraday high of Rs 2,12,750, up 0.74 per cent or Rs 1,563, and an intraday low of Rs 2,11,634. It opened at Rs 2,12,319.

Global Prices Also Firm

COMEX gold opened steady near $4,185 and moved toward $4,200, up 0.50 per cent. COMEX silver opened near $57.15 and climbed toward $57.80, up 0.89 per cent, outperforming gold. However, experts said a firmer rupee reduced the gains for Indian buyers.

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Why the Fed Matters for Gold

Gold usually does better when interest rates are low, because it does not pay any interest. When rate hike fears rise, gold tends to come under pressure.

The US Federal Reserve raised rates by a quarter point to 3.75%-4.00% in September, its first hike since 2023. At the IMF-World Bank meetings in Bangkok on Friday, Fed Chair Kevin Warsh said he does not prejudge rate decisions, offering no preview of the coming move. According to commodity experts, his remarks reduced the implied probability of an October rate hike to below 20 per cent.

Still, the risk has not fully gone. Experts noted that hotter inflation data, including the sharpest monthly rise in producer prices in four and a half years, keeps a December hike possible. The October 27-28 FOMC meeting will be the next key test.

Key Levels to Watch

For MCX gold, immediate resistance is at Rs 148,600, followed by Rs 150,000-Rs 150,700. Support lies at Rs 148,000, then Rs 145,300-Rs 146,000 and Rs 143,000-Rs 143,700.

For MCX silver, immediate resistance is at Rs 214,000-Rs 215,000, which capped gains on Friday, followed by Rs 219,000-Rs 220,000. “Immediate support at Rs 207,000-Rs 208,000, with next support at Rs 200,000-Rs 202,000,” experts said.

What It Means for Buyers

With Dhanteras, Diwali and the wedding season approaching, many households are watching gold and silver prices closely. Monday’s rise shows that global signals, especially from the US Fed, continue to drive local rates, along with the rupee’s movement against the dollar.

What Comes Next

Markets will now track US economic data and the Fed’s late-October decision for the next big move in precious metals.

With inputs from IANS.