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Gold and silver prices slipped in both domestic and international markets on Wednesday as investors turned cautious ahead of US Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole symposium and the release of Fed meeting minutes.

On the Multi Commodity Exchange (MCX), gold October futures fell Rs 12 or 0.01 per cent to Rs 98,742 per 10 grams, while silver September futures dropped Rs 408 or 0.37 per cent to Rs 1,11,106 per kilogram. Internationally, spot gold traded at $3,318.07 per ounce after hitting a near three-week low, while U.S gold futures inched up 0.1 per cent to $3,360.70. Spot silver declined 0.4% to $37.23 per ounce.

The US dollar index strengthened to its highest level in more than a week, making gold less attractive for buyers holding other currencies. Analysts said the bullion market remains volatile, with traders awaiting Powell’s comments on inflation, monetary policy, and economic outlook.

Manoj Jain, Head of Commodity and Currency Research at Prithvi Finmart, noted that gold and silver extended losses due to dollar strength and Fed uncertainty. He expects gold to trade between $3,320–3,424 per ounce and silver between $36.40–38.70 per ounce this week. On MCX, gold support lies at Rs 98,380–98,000, while silver support is at Rs 1,10,800–1,10,000.

Meanwhile, the Indian rupee strengthened to a three-week high against the US dollar, further pressuring domestic bullion prices. Market participants are also monitoring geopolitical developments, with talks between US, Ukraine, and Russia raising expectations of a possible ceasefire deal.

Analysts advise investors to stay cautious and avoid fresh positions in gold and silver until Fed signals provide clarity on the interest rate trajectory.

Would you like me to also add a short city-wise gold price breakup (like Delhi, Mumbai, Chennai, Kolkata) at the end of this article to make it reader-friendly for your audience?

City

24K

22K

Mumbai

Rs 10,015

Rs 9,180

Delhi

Rs  10,030

Rs 9,195

Chennai

Rs  10,015

Rs 9,180

Kolkata

Rs  10,015

Rs 9,180

Bengaluru

Rs  10,015

Rs 9,180

Gold Price in Mumbai:

In Mumbai, the price of 24-karat gold stood at Rs -10,015 per gram, while 22-karat gold was priced at Rs 9,290 per gram.

Gold Price in Delhi: 

The national capital recorded 24K gold at Rs 10,150 per gram, with 22K gold available at Rs 9,305 per gram.

Gold Price in Chennai:

Gold rates in Chennai were slightly lower, with 24K gold at Rs 10,015 per gram and 22K gold at Rs 9,290 per gram.

Gold Price in Kolkata:

In Kolkata, 24-karat gold was priced at Rs 10,015 per gram, and 22-karat gold was selling at Rs 9,290 per gram.

Gold Price in Bengaluru:

Bengaluru saw 24K gold trading at Rs 10,015 per gram, while 22K gold was available at Rs 9,290 per gram.

Gold Price in Pune:

Pune saw 24K gold trading at Rs 10,015 per gram, while 22K gold was available at 9,290 per gram.

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