New Delhi, October 7: Gold and silver prices fell sharply in early trade on Tuesday. On the Multi Commodity Exchange (MCX), gold declined by more than ₹700, while silver fell by around ₹1,800.
Investors are waiting for the minutes of the US Federal Reserve’s September meeting to get more clarity on the central bank’s interest rate outlook and whether policymakers may support further rate hikes.
MCX Prices
December 2026 silver futures had closed at ₹2,27,242 per kg in the previous session. It opened at ₹2,26,008 and fell by ₹1,837 in early trade to ₹2,25,405 per kg.
December 2026 gold futures also declined by ₹770 to ₹1,49,350 per 10 grams.
Physical Market Rates
Gold prices also declined in the physical market. According to Goodreturns, 24-carat gold was trading at ₹1,49,570, down ₹650. The price of 22-carat gold fell by ₹600 to ₹1,37,100, while 18-carat gold declined by ₹490 to ₹1,12,180.
Silver was trading at ₹2,35,000 per kg.
Gold Rates in Major Cities
| City | 24K | 22K | 18K |
|---|---|---|---|
| Chennai | ₹14,957 | ₹13,710 | ₹11,265 |
| Mumbai | ₹14,957 | ₹13,710 | ₹11,218 |
| Delhi | ₹14,970 | ₹13,725 | ₹11,233 |
| Kolkata | ₹14,957 | ₹13,710 | ₹11,218 |
| Bengaluru | ₹14,957 | ₹13,710 | ₹11,218 |
| Hyderabad | ₹14,957 | ₹13,710 | ₹11,218 |
| Kerala | ₹14,957 | ₹13,710 | ₹11,218 |
| Pune | ₹14,957 | ₹13,710 | ₹11,218 |
| Vadodara | ₹14,960 | ₹13,715 | ₹11,223 |
| Ahmedabad | ₹14,960 | ₹13,715 | ₹11,223 |
Source: Goodreturns
Investors Await Fed Minutes
The minutes of the Federal Open Market Committee’s latest meeting are due to be released today. The release is expected to provide more clarity on the Federal Reserve’s monetary policy outlook and the possibility of further interest rate hikes.
Recent weak economic data has reduced expectations of a rate hike in October. In a high-interest-rate environment, investors generally prefer yield-generating assets over gold.
Global Prices
In the international market, spot gold fell 0.3% to $4,150.23 per ounce, while US gold futures declined 0.2% to $4,177.60 per ounce.
Spot silver fell by around 1% to $61.12 per ounce.
According to market experts, gold has support at $4,155-$4,134 per troy ounce, while resistance is seen at $4,204-$4,222. For silver, support is at $60.60-$60.00, while resistance is at $62.40-$63.00 per troy ounce.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.