Gold steadies, silver drops; US Fed decision fuels mixed sentiment

Mumbai – Thursday’s bullion session saw gold trading in a confined band while silver experienced a minor decline.

The MCX gold contract for October 5, 2026 started at INR 1,43,300 per 10 grams, marginally above the previous close of INR 1,43,283. By 9:45 a.m., the price was INR 1,43,480, a rise of 0.14%.

Throughout the day, gold’s price range was limited to a low of INR 1,43,101 and a high of INR 1,43,663.

Silver’s September 4, 2026 contract opened at INR 2,16,389 per kilogram, down from the earlier close of INR 2,17,479. It later traded at INR 2,16,473, reflecting a 0.46% dip.

The silver price swung between INR 2,15,402 and INR 2,17,479 per kilogram.

On the global front, COMEX gold rose 0.35% to $4,050 per ounce, while silver fell 0.73% to $57 per ounce.

Market observers linked the divergent movements to the United States Federal Reserve’s recent decision to keep policy rates unchanged, a vote that split 9‑3. The three members who voted for a hike underscore the possibility of future rate increases, a development viewed as bearish for bullion investors.