MCX gold and silver prices rise ahead of Diwali
Gold and silver futures increased on the Multi Commodity Exchange on Monday despite expectations of a US Federal Reserve interest rate hike.
Gold and silver prices opened higher on the Multi Commodity Exchange (MCX) on Monday ahead of Diwali, according to The Economic Times. Gold futures for December 2026 delivery rose by Rs 613 to Rs 1,39,098 per 10 grams, while MCX silver futures for December 2026 delivery increased by Rs 2,800 to Rs 1,81,925 per kg.
The price increase comes as inflation concerns strengthen expectations of a possible US Federal Reserve interest rate hike later this year. US inflation data showed consumer prices accelerated in September, leading the CME FedWatch Tool to show traders pricing in a 75 per cent probability of a rate increase in December.
Manoj Kumar Jain of Prithvi Finmart suggested that gold and silver prices may experience volatility this week due to geopolitical tensions and fluctuations in the dollar index and crude oil prices. He advised traders to be cautious before the US midterm elections and recommended that investors use systematic investment plans (SIPs) to accumulate metals during declines.
On the MCX, gold has resistance at Rs 1,40,000-1,41,400 and support at Rs 1,36,600-1,35,000. Silver has resistance at Rs 1,81,000-1,84,000 and support at Rs 1,76,600-1,74,000.