Gold and silver futures on the Multi Commodity Exchange (MCX) moved higher on October 1, 2026, driven by strong demand expectations for the upcoming wedding and festival season. Prices gained even as global factors like US interest rate uncertainty kept the market cautious.
Gold and silver futures on the Multi Commodity Exchange (MCX) recorded gains in early trade on Thursday, October 1, 2026, as the Indian market prepares for the peak wedding and festival season. December gold futures traded in the range of ₹1.47 lakh to ₹1.50 lakh per 10 grams, while silver futures for December delivery hovered around the ₹2.26 lakh per kg mark.
This recovery in domestic prices comes as retail consumers begin their annual purchasing cycle. With festivals like Navratri and Diwali approaching, along with a busy wedding calendar, jewelers and market analysts expect a rise in physical buying. This domestic physical demand is currently acting as a cushion for prices, helping the market withstand global pressure.
Global market sentiment remains a significant factor for precious metal prices. Investors are closely tracking US economic data and signals from the Federal Reserve regarding interest rates. Historically, when US Treasury yields rise or the dollar strengthens, it becomes more expensive to hold non-yielding assets like gold and silver, which can limit price growth. Because the dollar remains strong, precious metal prices often face pressure in international markets, which creates volatility for domestic traders.
While the festive season supports the physical side of the market, the price trajectory in the coming weeks will likely depend on how these global factors play out. High interest rates in the US continue to be a primary point of uncertainty. If US economic data suggests that rates will stay high for a longer period, it may create resistance for gold and silver prices. Conversely, if there are shifts in monetary policy expectations, it could impact how these metals perform in the futures market.
For investors and market participants, the key monitorable will be the strength of physical demand during the festive weeks. While current trends show positive momentum, price fluctuations are expected to continue as the market balances strong local consumption against global macroeconomic cues.