Gold futures on the Multi Commodity Exchange (MCX) closed at ₹1.52 lakh per 10 grams, down 0.62% from the previous close, while silver futures for December delivery settled at ₹2.37 lakh per kilogram, matching the same percentage drop. Both metals fell after an intraday rally that saw gold touch ₹1.53 lakh before reversing.
Across the globe, Comex gold traded around $4,355 an ounce and silver hovered near $65.75, echoing the downward trend seen on the MCX. The parallel movement underlines the influence of U.S. monetary policy on commodity prices.
Prithviraj Kothari, managing director at RiddiSiddhi Bullions, notes that gold remains in a bullish bias with a short‑term range of $4,250–$4,450, while silver trades between $62.5 and $67.5. The current levels sit close to the lower bound of these ranges, suggesting limited upside until rate easing signals surface.
Ruchit Thakur, market analyst at VT Markets, cautions that a softer rupee inflates the domestic cost of imported gold and silver, potentially buffering price declines seen internationally. Silver’s higher industrial demand also makes it more susceptible to volatile swings.
Analysts predict that the markets will wait for the next Federal Reserve meeting before any meaningful reversal. Until then, traders should brace for continued volatility driven by dollar movements and Fed guidance, while institutional investors may look to stagger purchases to average out price swings.