Gold and Silver Rate Today Live Updates: MCX Gold, MCX Silver prices drop; international gold rises but gains capped on US Federal Reserve rate, inflation stance

Gold prices saw a sharp decline in futures trading on Thursday, falling by Rs 3,616 to Rs 1.49 lakh per 10 grams, influenced by weak global cues and a strengthening US dollar.

On the Multi Commodity Exchange (MCX), gold contracts for April delivery dropped Rs 3,616, or 2.36 percent, to Rs 1,49,409 per 10 grams, with a trading volume of 7,387 lots.

Market experts noted that bullion prices faced significant pressure as the stronger dollar and rising US Treasury yields reduced the attractiveness of gold as a safe-haven investment.

In global markets, April gold futures on the Comex declined by USD 120.84, or 2.47 percent, to USD 4,775.36 per ounce in New York.
According to Renisha Chainani, Head of Research at Augmont, gold slipped below the USD 4,800 per ounce mark as stronger US producer inflation and a firm dollar outweighed safe-haven demand stemming from tensions in West Asia.

Bogged down by somewhat hawkish FOMC outcome, hotter-than-expected US PPI data for February and a firmer US Dollar, gold continues to be under pressure.

As expected, the FOMC, in its monetary policy decision yesterday, kept the benchmark rate unchanged at 3.50-3.75% as it revised inflation, growth and neutral rate forecasts higher. Impacts of the Iran war on the US economy are uncertain, according to the Committee. It added that rate decision will depend upon inflation data.

Gold, currently at $4697, is down over 2.5%. Major support is $4650 follower by $4500. Resistance is at $4850. Near term outlook remains bearish, says Praveen Singh, Head of commodities, Mirae Asset ShareKhan.

Gold prices hit an all time high of ~USD 5400/oz during end January 2026. The rally was supported by a “sell-America” consensus over concerns of Fed independence, appointment of a new Fed chair. The view was for Fed rate cuts that led to a consequent weakening of the USD. US Q4 GDP was significantly lowered in the second estimate to 0.7%. While the growth slowed, inflation remained sticky. PCE inflation for January came in strong at 2.8% YoY.

But the biggest determinant for expectations building on a Fed rate cuts was the labour market data, whereby the revised data marked down the job additions to just 181k for 2025 .compared to the initial estimate of 584k. The situation has now changed dramatically after the onset of the West Asia conflict that raised oil prices significantly.

1 Gm Gold 22 Kt: Rs 14,300.00

1 Gm Gold 18 Kt: Rs 11,980.00

1 Gm Silver: Rs 265.00

Gold and silver began Thursday’s session on a weaker note on the Multi Commodity Exchange (MCX), following the US Federal Reserve’s decision a day earlier to hold its benchmark interest rate steady at 3.5 percent to 3.75 percent. The central bank’s hawkish messaging signalled reduced urgency for rate cuts, putting pressure on precious metal prices.

On the MCX, silver futures for May 2026 delivery fell by Rs 3,852, or 1.5 percent, to Rs 2,44,342 per kg. Gold futures maturing in April 2026 also declined, dropping Rs 1,313, or 1 percent, to Rs 1,51,712 per 10 grams.

In global markets, however, gold prices saw a modest recovery. Spot gold rose 0.8 percent to $4,856.82 per ounce as of 0115 GMT, after earlier touching its lowest level since February 6. The metal had dropped 3.7 percent in the previous session. Spot silver also moved higher, gaining 1.5 percent to trade at $76.52 per ounce.

Commodity-based exchange-traded funds (ETFs) linked to gold and silver declined by as much as 6 percent on Thursday, after the US Federal Reserve chose to keep its benchmark interest rate unchanged at 3.5–3.75 percent on Wednesday. The central bank also maintained a hawkish stance, signalling lower urgency for rate cuts.

Among silver ETFs, HDFC Silver ETF recorded the sharpest fall, dropping around 6 percent to an intraday low of Rs 223.71, compared with its previous close of Rs 237.23. Aditya Birla Sun Life Silver ETF and UTI Silver ETF each declined about 5 percent, while other funds in the category posted losses ranging between 3 percent and 4 percent.

In the gold ETF segment, ICICI Prudential Gold ETF, SBI Gold ETF, and Edelweiss Gold ETF each slipped around 4 percent. The remaining gold ETFs registered declines in the range of 2 percent to 3 percent.

Gold prices moved higher on Thursday after briefly hitting their lowest level in over a month, as a halt in the recent rally of the U.S. dollar provided some support. However, the upside remained limited due to the Federal Reserve’s hawkish stance, which dampened expectations of imminent interest rate cuts.

Spot gold rose 0.7 percent to $4,851.43 per ounce as of 0433 GMT, after earlier dropping to its weakest level since February 6 during the session. The metal had declined 3.7 percent in the previous trading day.

Rising Treasury yields tend to weigh on a wide range of asset classes, including equities, cryptocurrencies, and gold.

The yellow metal slipped below the $5,000-per-ounce mark, declining 2.2% to close at $4,896.20. This places it below levels seen at the onset of the conflict, despite its traditional status as a safe-haven asset during periods of uncertainty. Since gold does not generate any income, it becomes comparatively less appealing when Treasury bonds offer higher returns through interest payments.

Gold prices edged lower as traders engaged in profit-taking amid subdued physical demand, according to Dilip Parmar, Senior Research Analyst at HDFC Securities.

In global markets, spot silver was up 0.79% at USD 79.92 per ounce, whereas gold declined by USD 16.10, or 0.32%, to USD 4,989.65 per ounce.

Precious metals showed a mixed trend on Wednesday, with gold hovering near USD 4,990 per ounce while silver advanced to about USD 79.70 per ounce, said Gaurav Garg, Research Analyst at Lemonn Markets Desk.

He noted that the recent swings in bullion prices are largely driven by market sentiment as investors await the US Federal Reserve’s forthcoming policy decision.

In Delhi on Wednesday, prices of precious metals moved lower, with silver tumbling by Rs 6,000 to Rs 2.56 lakh per kilogram and gold slipping by Rs 1,000 to Rs 1.60 lakh per 10 grams, weighed down by weak domestic sentiment, as per the All India Sarafa Association.

Silver fell Rs 6,000, or 2.28%, to Rs 2,56,500 per kg (inclusive of all taxes), down from its previous close of Rs 2,62,500 per kg on Tuesday.

Meanwhile, in the bullion segment, gold of 99.9% purity declined by Rs 1,000, or 0.62%, to Rs 1,60,300 per 10 grams (inclusive of all taxes). In the prior session, the yellow metal had settled at Rs 1,61,300 per 10 grams after gaining Rs 1,050.

“Gold traded weak below $5000, currently around $4985, as the market remains under pressure due to fading expectations of near-term rate cuts and a stronger dollar environment. Elevated crude prices and ongoing geopolitical tensions, particularly the US–Iran conflict, are adding to inflation concerns, which may push the Fed to maintain a higher-for-longer interest rate stance.

With the US Fed policy decision due later today, markets are positioning cautiously, as any hawkish tone—driven by inflation risks from rising energy prices—could further weigh on gold in the short term. Higher interest rates typically reduce gold’s appeal as a non-yielding asset, keeping upside capped.

On the domestic front, MCX gold continues to show weakness on charts, with strong resistance near ₹158000, while immediate support is seen in the ₹152000–150000 zone. Price action is expected to remain volatile, and the Fed outcome will act as the next major trigger as markets reassess the trajectory of inflation, rates, and dollar strength,” says Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

Gold and silver Exchange-traded funds declined by close to 4% on Wednesday, mirroring a slight softening in prices on the MCX. Market participants remained guarded as they evaluated the possible economic impact of the Middle East tensions ahead of the forthcoming policy announcement by the U.S. Federal Reserve.

In the short term, the direction of gold prices is expected to depend largely on the Fed’s guidance, particularly whether it indicates a potential rate cut later this year or chooses to maintain current rates given the uncertain geopolitical environment.

Among silver ETFs, the HDFC Silver ETF registered the sharpest drop, slipping about 4% to an intraday low of Rs 233.14 from its previous close of Rs 241.61. Other funds in the segment posted declines ranging between 2% and 3%.

In the gold ETF space, the Aditya Birla Sun Life Gold ETF recorded the steepest fall, losing nearly 3%, while the rest saw losses in the range of 1% to 2%.

Silver spot (in Rs per kilo) : 250163.00

Standard gold (99.5) : 154902.00

Pure gold (99.9) : 155525.00

Gold and silver prices began Wednesday’s session on a slightly weaker note on the Multi Commodity Exchange of India, as investors adopted a cautious stance while evaluating the economic implications of the Middle East conflict ahead of the US Federal Reserve’s policy announcement.

The short-term outlook for gold is likely to be shaped by the Fed’s forward guidance, especially whether it continues to indicate a rate cut later this year or moves towards signalling no cuts in light of the evolving geopolitical situation.

MCX silver futures for May 2026 delivery declined by Rs 1,995, or 0.8%, to Rs 2,51,118 per kg. Similarly, gold futures for April 2026 delivery slipped by Rs 336, or 0.2%, to Rs 1,55,649 per 10 grams.

At present, market expectations strongly point towards the Federal Reserve keeping interest rates unchanged within the 3.5% to 3.75% range.

Analysts note that market participants are keenly watching the outcome of the Federal Open Market Committee’s policy meeting for clearer signals on the future policy stance and the trajectory of bullion prices, especially against the backdrop of persistent geopolitical tensions and fluctuating energy markets.

Prices of precious metals witnessed a recovery of up to 2% on Tuesday, with silver climbing by Rs 6,000 to reach Rs 2.62 lakh per kilogram, while gold advanced to Rs 1.61 lakh per 10 grams in the national capital, as per data from the All India Sarafa Association.

Silver, the white metal, rose by Rs 6,000, or 2.34%, to Rs 2,62,500 per kg, inclusive of all applicable taxes.

Gold of 99.9% purity also reversed its three-session decline in the bullion market, increasing by Rs 1,050, or nearly 1%, to Rs 1,61,300 per 10 grams, inclusive of taxes.

Tensions escalated further following Israel’s killing of Ali Larijani, Iran’s security chief and the most senior figure targeted since the onset of the US-Israeli conflict. A senior Iranian official indicated that the country’s new supreme leader had rejected de-escalation proposals conveyed through intermediary nations.

In addition to the Fed, central banks in the UK, euro zone, Japan, Canada, Switzerland and Sweden are also scheduled to hold policy meetings this week, marking their first gatherings since the conflict involving Iran began.

Among other precious metals, spot silver declined 0.4% to $79 per ounce. Platinum fell 0.3% to $2,118.70, while palladium remained steady at $1,601.63.

Crude oil prices remained above $100 per barrel, as Iranian strikes on the United Arab Emirates heightened concerns over global supply disruptions. While oil prices may ease gradually, the prevailing geopolitical risk premium could continue to support selective buying interest in gold.

The Strait of Hormuz, which handles around one-fifth of global oil shipments, remains largely blocked, with Iran warning of potential attacks on vessels linked to the US and Israel. The disruption has kept crude prices elevated, contributing to inflationary pressures by increasing transportation and production costs.

While such an environment typically supports gold as a hedge against inflation, higher interest rates tend to reduce its attractiveness by improving returns on interest-bearing assets.

According to Kelvin Wong, senior market analyst at OANDA, the near-term direction of gold will depend heavily on the Fed’s forward guidance. "Will the Fed still be looking for one interest rate cut (this year) or will they ⁠start to actually pencil in no cut at all due to this very fluid situation in the Middle East," he said.

The Federal Reserve is broadly expected to keep interest rates unchanged for a second consecutive meeting when it releases its decision later in the day.

Gold prices remained largely unchanged on Wednesday as investors adopted a cautious approach, weighing the potential economic fallout of the Middle East conflict ahead of the US Federal Reserve’s policy announcement. Spot gold slipped marginally by 0.1% to $5,000.77 per ounce as of 0243 GMT, while US gold futures for April delivery also declined 0.1% to $5,004.60.