India’s December gold and silver futures rose Monday, The Economic Times reported, as lower oil prices eased inflation concerns ahead of the Fed’s Oct. 27-28 meeting.
At 1:44 a.m. ET (0544 GMT), spot gold gained 0.4% to $4,010.51 per troy ounce and silver rose 0.6% to $54.19 per troy ounce, Reuters reported. Bullion had fallen 4% in the week ending Oct. 23, its sharpest weekly drop since June, the agency said.
Crude was lower Monday after coming close to a six-month peak the previous week. Reuters cited hopes of reduced U.S.-Iran hostilities as a factor weighing on oil, while Houthi attacks on Saudi Arabia kept supply risks in view. Kyle Rodda, senior financial market analyst at Capital.com, told Reuters the pullback in oil was offering bullion some relief. Reuters also noted that gold produces no income, so rising interest rates can reduce its appeal.
The Economic Times reported that gold futures on India’s Multi Commodity Exchange (MCX) rose ₹700 to ₹142,700 per 10 grams. Silver futures added ₹1,500 to ₹197,186 per kilogram. MCX lists both contracts for expiration on Dec. 4, 2026.
Manoj Kumar Jain of Prithvi Finmart, in levels reported by The Economic Times, placed gold support at ₹140,000-₹140,850 per 10 grams and resistance at ₹142,700-₹143,650. For silver, he cited support at ₹191,400-₹194,000 per kilogram and resistance at ₹197,700-₹199,600.
An earlier EconoTimes report linked a fall in Indian gold and silver futures to rising oil prices and U.S. yields.
The Federal Open Market Committee is scheduled to meet Oct. 27-28. The U.S. Bureau of Economic Analysis has scheduled its September Personal Income and Outlays report, which includes the Personal Consumption Expenditures price index, for Oct. 29.
