Gold and silver prices posted sharper gains on Wednesday after softer-than-expected US retail sales data reinforced market expectations that the US Federal Reserve could begin cutting interest rates this year.
What moved the Gold and Silver Prices?
The immediate trigger was the US retail sales print, which analysts read as a sign of slowing consumer spending. That, in turn, pushed US Treasury yields lower and nudged investors back toward non-yielding assets such as gold.
A softer dollar also helped. The dollar index eased to 96.59 from 96.80 in the previous session, making dollar-priced bullion cheaper for overseas buyers .
MCX snapshot
On the Multi Commodity Exchange (MCX):
- Gold April futures climbed 0.71% to ₹1,57,909 per 10 grams (intra-day)
- Silver March futures surged 2.67% to ₹2,59,300 per kg
Global cues: yields dip, rate-cut expectations build
In international markets, both metals moved higher as yields declined after the weak December retail sales figures. Markets are now pricing in at least three rate cuts this year, up from two earlier in the week, which supported demand for gold.
Key technical levels traders are watching
Analysts cited the following domestic reference points:
- Gold support: ₹1,55,500 and ₹1,54,000
- Gold resistance: ₹1,57,700 and ₹1,59,000
- Silver support: ₹2,44,000 and ₹2,48,800
- Silver resistance: ₹2,60,000
COMEX ranges and what’s next
COMEX gold has been trading within a $4,900-$5,100 band after correcting from highs above $5,500-$5,600, with the broader uptrend still being described as intact. Silver, despite volatility, continues to find support from industrial demand and supply constraints, with $65-$70 cited as a key support zone.
Now, the next major checkpoints for bullion traders are the upcoming US non-farm payroll and inflation data, both expected to influence the Fed’s policy path and, by extension, the direction of gold and silver.
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