Gold prices in India rose ₹1,291 to ₹1,52,100 per 10 grams during Wednesday trading as uncertainty over the US-Iran conflict in West Asia continued to fuel safe-haven demand. MCX Gold October 2026 futures opened ₹1,291 higher at ₹1,52,100 per 10 grams and were trading ₹976 higher at ₹1,51,785 at the time of writing, while MCX Silver December 2026 contracts opened ₹3,667 higher at ₹2,35,785 per kg and were trading ₹3,082 higher at ₹2,35,200 per kg. The rise comes as markets price in a 92.4% probability of at least a 25-basis-point rate hike by the US Federal Reserve, with the decision due later Wednesday. In the Middle East, Saudi Arabia issued security alerts across several areas, including the holy city of Mecca and the second-largest city, Jeddah, following a week of attacks by Iran-aligned fighters that have drawn Saudi Arabia further into the regional war.
Chennai recorded the highest gold price among major cities at ₹152,500 per 10 grams, while Delhi reported the lowest at ₹151,790 per 10 grams as per Mint. The complete city-wise breakdown shows Mumbai at ₹152,050 per 10 grams, Bengaluru at ₹152,170 per 10 grams, Kolkata at ₹151,850 per 10 grams, and Hyderabad at ₹152,300 per 10 grams. 22K gold rates varied across cities with Mumbai at ₹139,379 per 10 grams, Delhi at ₹139,141, Chennai at ₹139,792, Kolkata at ₹139,196, Bengaluru at ₹139,489, and Hyderabad at ₹139,608 per 10 grams. Silver 999 fine rates showed Chennai at ₹235,160 per kg, while Mumbai recorded ₹234,480 per kg, Delhi at ₹234,070 per kg, Kolkata at ₹234,170 per kg, Bengaluru at ₹234,660 per kg, and Hyderabad at ₹234,850 per kg. Silver 925 sterling was priced at ₹2,14,489 per kg across major metro cities.
According to Motilal Oswal Financial Services, gold remains under corrective pressure after the sharp rejection from the recent ₹164,000–166,000 zone, with prices currently trading near ₹151,000. The daily structure has weakened after the recent rally, and prices are now below the 20-day average, suggesting that recovery attempts may continue to face resistance. From the Bollinger Bands perspective, the middle band is placed at ₹155,728, the upper band at ₹163,730 and the lower band at ₹147,726. The ₹147,500–148,000 region therefore becomes an important downside support zone, while ₹155,500–156,000 remains the key hurdle for a meaningful recovery. Based on the recent upswing from approximately ₹140,000 to ₹166,000, Fibonacci retracement levels are placed around ₹159,900 (23.6%), ₹156,100 (38.2%), ₹153,000 (50%) and ₹149,900 (61.8%). Gold has already moved below the 50% retracement and is testing the 61.8% region, making ₹149,500–150,000 particularly important this week.
The primary driver behind the precious metals decline remains the surge in oil prices, which are staying above $100 a barrel. In the international market, gold was trading near $4,375 per ounce on Comex, while silver was trading near $65 per ounce. The dollar remained near recent highs, making gold, which is priced in the US currency, more expensive for buyers using other currencies. A stronger dollar makes gold more expensive for international buyers, while higher oil prices can also add to inflationary pressures. Gold prices had touched a high of $5,586.20 per ounce earlier this year, while silver prices had touched a high of $121.79 per ounce. Gold, silver international prices showed spot silver steady at $63.67 per ounce, while platinum fell 0.3% to $1,770.47 and palladium gained nearly 1% to $1,301.61. A hawkish Fed could further pull gold down, while any dovish messaging may ease rate-hike bets and help the metal recover. The rally in oil prices due to US-Iran conflict has resulted in losses in stocks and bonds with the latest inflation data driving fears that the Federal Reserve will increase rates soon amid pressures from higher energy costs.
Markets are now pricing in roughly a 92.4% probability of a 25-basis-point Fed rate increase, up from 61% before the PPI data. The US central bank is scheduled to announce its policy decision today after concluding a two-day meeting, with financial markets widely expecting Fed policymakers to raise the benchmark rate by 25 basis points to a range of 3.75%-4.00%. The decision will be followed by a press conference by Fed Chair Kevin Warsh. Gold is commonly viewed as a hedge against inflation, although higher interest rates increase the opportunity cost of holding non-yielding bullion. For today's session, gold is expected to find support at $4,310-$4,264 per troy ounce with resistance at $4,355-$4,400, while silver has support at $63.00-$62.20 and resistance at $64.40-$65.50 per troy ounce. On the MCX, gold has support at ₹1,50,150-₹1,49,400 and resistance at ₹1,51,500-₹1,52,200, while silver has support at ₹2,30,000-₹2,27,700 with resistance at ₹2,34,400-₹2,37,000. Long-term investors could accumulate gold and silver during market falls, while traders should wait for the FOMC meeting outcome before taking fresh positions.
