Gold, silver flat on MCX as dollar, US yields rise before Fed call
Synopsis
Gold and silver are stuck in a tight band on MCX as the 10-year US Treasury yield briefly crossed 5% for the first time since October 2023 and the dollar strengthened — both classic headwinds for bullion. With the Federal Reserve's rate decision imminent, directional clarity could arrive soon, and a break above ₹1,54,000 or below ₹1,50,000 on gold will be the key signal to watch.
Key Takeaways
MCX Gold (October) traded near ₹1,52,570 per 10g on 15 September , with an intraday range of ₹1,52,424–₹1,53,000 .
MCX Silver (December) was at ₹2,31,750 per kg , down 0.40% , with an intraday range of ₹2,31,612–₹2,32,546 .
The 10-year US Treasury yield briefly crossed 5% , its highest since October 2023 , weighing on bullion.
The dollar index rose 0.20% , adding further pressure on gold and silver prices.
Gold's RSI near 45 and silver's RSI near 46 — both below the neutral 50 — signal soft momentum.
Key watch: a gold move above ₹1,54,000 or below ₹1,50,000 will determine the next directional trend.
Gold and silver prices hovered in a narrow range on the Multi Commodity Exchange (MCX) on Tuesday, 15 September, as a firming US dollar and elevated bond yields kept bullion under pressure ahead of the US Federal Reserve's crucial monetary policy decision.
Where Prices Stood
Gold futures (October contract) were trading at ₹1,52,570 per 10 grams, marginally higher by 0.01% or ₹18. During the session, the yellow metal climbed as much as 0.27% or ₹412 to touch an intraday high of ₹1,53,000, before retreating to an intraday low of ₹1,52,424, a dip of 0.10% or ₹164.
Silver futures (December contract) were trading at ₹2,31,750 per kg, down 0.40% or ₹940. The white metal touched an intraday high of ₹2,32,546, up 0.06% or ₹144, and an intraday low of ₹2,31,612, a decline of ₹1,078 or 0.46%.
Technical Outlook for Gold
Commodity experts noted that the relative strength index (RSI) for gold was near 45, below the neutral 50 level, signalling soft momentum both domestically and in international markets. According to analysts, immediate resistance is placed at ₹1,54,000–₹1,54,700; a sustained break above that zone could target the next resistance band at ₹1,56,300–₹1,57,000.
On the downside, gold has immediate support at ₹1,50,700–₹1,50,000, followed by a deeper support zone at ₹1,48,000–₹1,47,300. Experts said the bias remains cautious below ₹1,54,000, and a fall below ₹1,50,000 could drag prices towards ₹1,48,000.
Technical Outlook for Silver
Silver's RSI near 46, also below the midline, indicated that the metal was relatively weaker than gold in the domestic market, according to commodity analysts. Immediate resistance for MCX silver is placed at ₹2,33,000–₹2,34,000, with a break above that range potentially opening a move towards ₹2,39,000–₹2,40,000.
Immediate support for silver is seen at ₹2,30,000–₹2,29,000, followed by a broader support zone at ₹2,26,000–₹2,25,000.
What Is Weighing on Bullion
The dual headwind of a rising dollar and elevated US Treasury yields has kept a lid on precious metal prices. The dollar index rose 0.20%, while the yield on the benchmark 10-year US Treasury briefly crossed 5% — its highest level since October 2023. A stronger dollar makes dollar-denominated commodities like gold more expensive for holders of other currencies, dampening demand, while higher yields raise the opportunity cost of holding non-yielding assets such as bullion.
This comes amid heightened global anticipation around the Federal Reserve's policy stance. Markets are closely watching whether the Fed signals a prolonged pause, which could reinforce the dollar's strength and keep pressure on gold in the near term.
Point of View
Not just a data point, and its persistence will determine whether gold's corrective phase deepens. Indian bullion markets, which have run far ahead of international prices on currency and domestic demand, face a compounding risk: a stronger dollar compresses rupee-denominated gains even when international gold holds steady. The Fed decision could be the catalyst that breaks the current stalemate, and Indian investors holding unhedged positions should be watching both the dollar index and the Fed's forward guidance, not just the MCX ticker.
NationPress
15 Sept 2026
Frequently Asked Questions
Where are MCX gold and silver prices today, 15 September?
MCX Gold (October futures) was trading near ₹1,52,570 per 10 grams, up just 0.01%, while MCX Silver (December futures) was at ₹2,31,750 per kg, down 0.40%. Both metals were range-bound due to a stronger dollar and rising US Treasury yields ahead of the Federal Reserve's policy decision.
Why are gold prices flat ahead of the Fed decision?
Gold prices are under pressure because a rising US dollar and elevated bond yields — the 10-year US Treasury briefly crossed 5% — reduce the appeal of non-yielding assets like bullion. Markets are also in a wait-and-watch mode ahead of the Federal Reserve's monetary policy announcement, which is expected to set the near-term direction for gold.
What are the key support and resistance levels for MCX gold?
Commodity experts have placed immediate resistance for MCX gold at ₹1,54,000–₹1,54,700, with the next target at ₹1,56,300–₹1,57,000 on a breakout. Immediate support is at ₹1,50,700–₹1,50,000, followed by ₹1,48,000–₹1,47,300. A fall below ₹1,50,000 could accelerate the decline.
What are the key levels to watch for MCX silver?
For MCX silver, immediate resistance is at ₹2,33,000–₹2,34,000, with a potential move towards ₹2,39,000–₹2,40,000 on a sustained break higher. Support is placed at ₹2,30,000–₹2,29,000, and below that at ₹2,26,000–₹2,25,000.
What does the RSI reading signal for gold and silver?
Gold's RSI is near 45 and silver's near 46, both below the neutral 50 level. According to commodity analysts, this indicates soft momentum for both metals, with silver appearing relatively weaker than gold in the domestic market at present.
