Gold price today: Gold rates rose on the MCX Tuesday (September 16) morning, with the focus squarely on the US Federal Reserve’s monetary policy decision on Wednesday. The dollar’s weakness against its peers and expectations of a 25 bps rate cut by the Fed supported the yellow metal.
MCX Gold October futures were 0.05 per cent up at ₹1,10,229 per 10 grams around 9:50 am, while MCX Silver December futures were 0.16 per cent higher at ₹1,29,630 per kg at that time.
The dollar index declined by about 0.10 per cent, making gold slightly cheaper in overseas currencies.
The market has largely discounted the Fed’s 25 bps rate cut on September 17 following the stress signals in the jobs market.
The revised jobs data showed the US economy created as many as 9,11,000 fewer jobs in the 12 months through March than previously estimated.
On the other hand, the unemployment rate in the US economy jumped to 4.3 per cent in August, up from 4.2 per cent in July. US job growth was at 22,000 in August, sharply dropping from 79,000 in July 2025.
While the job market is slowing, US inflation still remains sticky. US consumer inflation rose to its highest this year after January. Coming at the highest in seven months, the US Consumer Price Index (CPI) increased by 2.9 per cent in August, a 0.2 per cent increase from July, when it rose 2.7 per cent.
As inflation remains above the Fed’s 2 per cent target level, the central bank is unlikely to make a bigger cut of 50 bps in September.
According to Reuters, the CME FedWatch tool indicates traders are pricing in a near-certain 25-basis-point (bps) rate cut on September 17, with a small chance of a 50-bps reduction.
“Markets are all but certain the Fed will deliver a 25bps rate cut on Wednesday, the first since December, with growing expectations that the easing cycle could extend into next year. Attention will also be on the Fed’s quarterly Summary of economic projections, including the closely watched dot plot, as well as Chair Jerome Powell’s press conference for signals on the future policy path,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.
Gold, silver: What should be your strategy?
Experts suggest buying gold on dips, as the yellow metal is expected to rise to new highs due to Fed rate cuts, central bank buying, and tariff-related uncertainties.
Trivedi expects MCX Gold October futures to appreciate to a new high around ₹1,10,500 per 10 grams.
Manoj Kumar Jain of Prithvifinmart Commodity Research suggests buying gold and silver.
“We suggest buying gold around ₹1,09,800 with a stop loss of ₹1,09,380 for the target of ₹1,10,650 and also suggest buying silver around ₹1,28,800 with a stop loss of ₹1,27,700 for the target of ₹1,30,300-1,31,500,” said Jain.
Jain said gold has support at $3,700-3,674, while resistance is at $3,740-3,764 per troy ounce. Silver has support at $42.60-42.34, while resistance is at $43.30-43.55 per troy ounce in today’s session.
MCX Gold, Jain said, has support at ₹1,09,850-1,09,500 and resistance at ₹1,10,580-1,11,000, while silver has support at ₹1,28,500-1,27,700 and resistance at ₹1,30,300-1,31,500.
Rahul Kalantri, VP of commodities at Mehta Equities, said gold has support at $3,655-3,635 while resistance is at $3,700-3,720. Silver has support at $42.35-42.10 while resistance is at $42.90-43.15.
In INR terms, gold has support at ₹1,09,740-1,09,340 while resistance is at ₹1,10,750-1,11,150. Silver has support at ₹1,28,550-1,27,750 while resistance is at ₹1,30,450, 1,30,950, said Kalantri.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
