MCX gold futures retreated near the ₹1,30,100 mark and silver tumbled over 1.5% after a massive rally, driven by profit booking. Investors are on pause, waiting for Fed Chair Jerome Powell’s remarks and key US data (ADP, PCE) to confirm the 88% market expectation of a US interest rate cut next week.
It was only a matter of time, right?
Gold finally paused the relentless rally and took a breather. After hitting a six-week high internationally, the yellow metal saw a wave of profit booking hit the domestic Multi Commodity Exchange (MCX).1
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Gold opened lower. And silver, those too, took a sharp hit, sliding more than $1.5\%$—a significant drop.
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MCX Gold opened lower at ₹1,30,109 per 10 grams.
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MCX Silver was trading down over ₹3,000, tumbling to ₹1,79,001 per kg.
Why the Pause? It’s All About the Fed.
The thing is, this isn’t a panic or a trend reversal. It’s a calculated pause. The market has priced in a major event: an 288\% probability of a 325 basis point Fed rate cut at the upcoming meeting.4 That certainty happened. And then the prices surged, which means now it’s time to cash in some gains.
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What draws people there now—the next catalyst—is Fed Chair Jerome Powell’s remarks later today. Traders are looking for validation, for any slight nudge from Powell about the central bank’s rate trajectory, or nothing.
Plus, US economic data is not helping the Dollar. The US manufacturing sector has been contracting for nine months straight, which piles pressure on the Fed to ease policy.5 We’re still waiting on the ADP jobs report and the delayed PCE data. It’s an ongoing situation until those numbers hit.
The Levels to Watch
The bullish trend is still very much intact, but analysts are watching key resistance points closely.
| Analyst View | Asset | Support Level | Resistance/Breakout Level |
| Rahul Kalantri | MCX Gold | ₹1,29,650 – ₹1,28,850 | ₹1,31,450 – ₹1,32,100 |
| Ponmudi R. | MCX Gold | ₹1,28,400 (Immediate) | ₹1,32,294 (Lifetime High Hurdle) |
| Rahul Kalantri | MCX Silver | ₹1,80,750 – ₹1,79,200 | ₹1,83,110 – ₹1,84,300 |
Ponmudi R. noted that getting past that lifetime high resistance of ₹1,32,294 is the major hurdle. A sustained close above that? Then we’re talking about a real lift towards ₹1,34,400.
The medium-term trend is still firmly bullish. But today, it’s a trader’s market—selling the high and waiting for the dip.
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