Gold futures closed at ₹1.49 lakh per 10 grams on the MCX, up 0.07%, after touching a nine‑week low of ₹1.48 lakh. The figure sits just below the crucial ₹1.50 lakh threshold that traders watch for a bullish break.
Silver, by contrast, slipped 1.24% to ₹2.20 lakh per kg, eroding support near the ₹2.22‑₹2.23 lakh range cited by Giottus CEO Vikram Subburaj. The slide comes as the dollar gains on higher oil prices and Fed minutes that keep a rate hike in December in play.
Vedika Narvekar, Anand Rathi’s Research Analyst, said the spot gold price of $4,125 per ounce reflects renewed ETF demand, yet a stronger dollar and the Fed’s hawkish tone keep a downward bias in the near term. She projects a support level around $4,000 per ounce, or ₹1.44 lakh per 10 grams, before any reversal.
The Fed’s latest minutes reveal policymakers remain concerned about inflation, pricing in a low chance of an October hike but a clear expectation for December. That outlook, coupled with crude at $91.82 a barrel, continues to weigh on gold and silver, nudging the dollar higher.
Looking ahead, analysts flag ₹1.50 lakh per 10 grams for gold and ₹2.26‑₹2.28 lakh per kg for silver as key resistance zones. A sustained move above these levels could signal a shift in sentiment, while the rupee’s current ₹96.77 per dollar may cushion domestic investors from international price swings.