Precious metals showed a mixed trend on Wednesday as gold futures climbed on the MCX while silver prices retreated due to increased selling activity. Markets are now focusing on upcoming US economic reports to gauge future interest rate trends.
Precious metals trading on Wednesday, October 14, 2026, reflected a shift in sentiment as gold and silver moved in opposite directions. On the Multi Commodity Exchange (MCX), gold futures traded with a positive bias, hovering near ₹1,48,500 per 10 grams. In contrast, silver futures faced a decline, trading near ₹2,19,000 per kilogram as market participants increased their selling activity.
Technical Sentiment in Silver
The drop in silver prices is linked to technical factors rather than just broad market trends. Recent data shows an 8.74% rise in open interest, which indicates that traders are aggressively building short positions. A short position is a trade where investors profit if the price of the asset falls. This shift suggests that market participants expect further weakness in silver prices in the near term, keeping the metal under pressure.
Gold Performance and Resistance Levels
While gold has shown more resilience, the market is closely watching specific price levels. On the MCX, gold faces resistance at ₹1,49,535. This means that for the price to rise significantly further, it needs to break through this level with strong buying support. On the downside, the immediate support level—where the price might find buyers—is pegged at ₹1,47,820. Globally, gold traded around $4,190 per ounce on the Comex exchange, while silver hovered around $59.50 per ounce.
Impact of Macroeconomic Factors
Broader market sentiment is currently cautious ahead of key US economic data. Investors are waiting for upcoming US inflation reports, specifically the Consumer Price Index (CPI) and Producer Price Index (PPI). These reports often influence the Federal Reserve's policy decisions regarding interest rates. If the data suggests that inflation remains high, it could lead to higher interest rates or a stronger US dollar.
For gold, which does not pay interest, rising interest rates on alternative investments like US Treasury bonds can increase the cost of holding the metal. For silver, the outlook is also tied to industrial demand. Unlike gold, which is primarily a store of value, silver is widely used in manufacturing. If the global economy shows signs of slowing down, the demand for silver in industrial applications may soften, adding further pressure to its price. Traders will continue to monitor whether these metals stay within their current trading ranges or if upcoming economic reports trigger a significant shift in direction.