Gold prices edged lower in the domestic futures market on Wednesday, September 10, as investors booked profits at higher levels, even as renewed optimism around an imminent India-US trade deal lifted overall market sentiment. MCX Gold October futures slipped 0.24 percent to ₹1,08,775 per 10 grams at 9:25 am. In contrast, MCX Silver December futures gained 0.34 percent, trading at ₹1,24,886 per kilogram.
Investor appetite for risk increased after US President Donald Trump said India and the United States are continuing negotiations to resolve trade barriers. The update rekindled hopes that tariffs on Indian goods could be rolled back, which could provide relief to exporters. Following the announcement, benchmark indices Sensex and Nifty 50 opened nearly half a percent higher in early trade. Trump also hinted at further talks with Prime Minister Narendra Modi in the coming weeks, expressing confidence in a positive outcome to the discussions.
Gold prices have been sensitive to US tariffs and their broader impact on the global economy in recent months. Uncertainty over trade policies previously pushed investors toward safe-haven assets, driving up bullion prices. With easing tensions on the horizon, however, traders took the opportunity to book profits at higher levels. At the same time, the overall sentiment remains supported by expectations that the US Federal Reserve will cut interest rates later this month. Markets are widely anticipating a 25-basis-point cut at the September 17 policy meeting.
Weak employment data has strengthened the case for monetary easing. Official estimates revealed that the US economy added about 9,11,000 fewer jobs in the 12 months through March than earlier reported, signaling slowing job growth after tariff and immigration policies. Investors are now closely watching US producer price inflation data due on Wednesday and consumer price inflation data expected on Thursday for more clarity on the Fed’s policy direction.
Analysts believe gold and silver are likely to trade within a defined range as investors weigh global cues against short-term profit-taking. Rahul Kalantri, VP of commodities at Mehta Equities, said gold has support at $3,625–3,595 and resistance at $3,668–3,684, while silver is supported at $41.20–40.90 with resistance at $41.72–41.95. In rupee terms, gold support lies between ₹1,08,040–1,07,640 and resistance at ₹1,08,950–1,09,450, while silver is supported at ₹1,24,750–1,23,950 and faces resistance at ₹1,26,350–1,27,150. Manoj Kumar Jain of Prithvifinmart Commodity Research noted that gold support is at $3,655–3,634 per troy ounce, while resistance lies between $3,700–3,714. For silver, support is at $41.00–40.64, while resistance is at $41.70–42.05 per troy ounce. On the MCX, gold support levels are pegged at ₹1,08,350–1,07,600, with resistance at ₹1,09,600–1,10,100. Silver has support at ₹1,23,500–1,22,400 and resistance at ₹1,25,500–1,26,600.
Market experts advise caution ahead of critical US economic data. Jain suggested booking profits in gold long positions before inflation numbers are released. For silver, he advised keeping stop-loss levels below ₹1,23,500 and booking profits around ₹1,26,600.
While easing trade tensions between India and the US have lifted investor confidence and supported equity markets, analysts caution that precious metals could remain volatile in the short term. The direction of gold and silver prices will depend on the Federal Reserve’s next move, inflation data, and the progress of global trade negotiations.
