Gold, Silver Snap Losing Streak As Traders Buy The Dip Ahead Of Fed Minutes

Prices of gold and silver bounced back in futures trade on Wednesday after three straight sessions of losses, as traders stepped in for value buying ahead of the Federal Reserve’s meeting minutes.

On the Multi Commodity Exchange (MCX), gold futures for December delivery rose by Rs 674, or 0.55%, to Rs 1,23,314 per 10 grams in 10,726 lots. The February 2026 contract gained Rs 498, or 0.4%, to Rs 1,24,750 per 10 grams in 6,336 lots.

Silver futures moved in tandem with gold. The December contract on MCX advanced Rs 988, or 0.64%, to Rs 1,55,632 per kg in 12,524 lots, while the March 2026 contract increased by Rs 1,270, or 0.81%, to Rs 1,58,737 per kg in 11,869 lots.

In global markets, Comex gold futures for December delivery climbed $23.44, or 0.58%, to $4,089.94 per ounce, halting a four-day losing streak.

“Gold price was trading around $4,080 per ounce, as investors remained cautious ahead of major economic releases,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.

He noted that all eyes are on the Federal Open Market Committee (FOMC) meeting minutes due later in the day, followed by Thursday’s jobs report — both crucial for cues on the interest rate outlook.

Meanwhile, US agencies have begun releasing data delayed by the government shutdown. Jobless claims touched a two-month high in mid-October, with continued claims rising to 1.9 million for the week ended October 18.

“The uptick in figures has marginally lifted hopes of a December rate cut, though investors worry that upcoming data could limit the Fed’s ability to ease further amid policymakers’ skepticism,” Trivedi said.

He added that concerns around stretched tech valuations have hurt risk sentiment, boosting gold’s safe-haven appeal amid the ongoing equity market sell-off.

Comex silver futures for December delivery were trading 1.36% higher at $51.20 per ounce in overseas markets.

(With inputs from PTI).