What happened
MCX gold futures down 0.08% at ₹1,52,861/10g and silver up 0.49% at ₹2,39,380/kg on 18 Sep 2026, amid falling Brent crude and a hawkish Fed.
Gold and silver prices traded in narrow ranges on 18 September 2026 as oil prices fell and the US dollar held steady against major currencies. MCX gold October futures were 0.08% lower at ₹1,52,861 per 10 grams around 9:10 AM IST, while MCX silver December futures gained 0.49% to ₹2,39,380 per kg, reflecting mixed demand from jewellers and institutional hedgers.
The US Federal Reserve's 25 bps rate hike on 16 September, alongside ECB and Bank of Japan tightening, reinforced a hawkish backdrop. Sixteen of 18 Fed policymakers now expect at least one more quarter-point increase by year-end, keeping non-yielding metals under pressure.
Meanwhile, Brent Crude fell roughly 1% to trade below $104 per barrel, easing inflation fears but keeping geopolitical risk alive. The unresolved US-Iran conflict continues to support safe-haven demand for gold even as higher-for-longer rates weigh on the yellow metal.
Experts highlight key technical levels: gold supported near $4,300 with resistance at $4,450, while silver holds ₹2,35,000 support with ₹2,45,000 as the upside target. A break above or below these ranges could signal the next directional move for the metals complex.
Fed Hawkish Backdrop
The US Federal Reserve's hawkish stance after its September 2026 rate hike is the primary backdrop for metals trading. 16 of 18 policymakers now expect at least one more quarter-point hike by year-end, keeping interest rates elevated and pressuring non-yielding assets like gold.
US-Iran Geopolitical Risk
The unresolved US-Iran conflict remains a double-edged driver for gold. Safe-haven demand from geopolitical tension caps downside, but higher oil prices from escalation could stoke inflation and force further rate hikes, pressuring gold as a non-yielding asset.
Key Levels to Watch
Key technical levels to watch: gold supported near $4,300 with resistance at $4,450, silver at ₹2,35,000 support and ₹2,45,000 upside target. A break above resistance or below support could signal the next directional move for the metals complex.
Why it matters for me
Rate-hike expectations keep pressure on non-yielding gold, while safe-haven demand from US-Iran tension caps further downside.
Money
Retail Investors · Precious Metals Traders
Hawkish Fed stance keeps rates elevated, pressuring gold as a non-yielding asset.
Money
Retail Investors · Macro Market Watchers
US-Iran uncertainty drives safe-haven demand, capping gold's downside.
Daily Life
Retail Investors
Falling oil prices reduce import costs, offering mild relief to Indian consumers.
What to remember
Watch gold $4,300-$4,450 and silver ₹2,35,000-₹2,45,000 ranges — a Fed pivot or Iran deal could break the range.
Gold at ₹1,52,861, silver at ₹2,39,380 — Fed hawkish stance and US-Iran tensions keep metals volatile. Key levels inside.
Verified sources (5)
Gold and silver prices volatile amid a decline in oil prices, stable dollar; experts highlight key levels to watch
↗Gold and silver prices trading higher on MCX on September 18
↗LIVE | Gold Price Today: MCX Gold Falls ₹1.53 Lakh, Silver Crashes ₹10,000 as Fed Rate HIke After Warsh Decision
↗Trump: I have a big decision coming up on the Iran war
↗Gold prices fall Rs 2,000/10 gram, silver dips Rs 4,600/kg as US Fed hikes rate after 3 years
↗Claims and linked sources
7 claimsMCX gold October futures traded 0.08% lower at ₹1,52,861 per 10 grams around 9:10 AM IST on 18 September 2026.
MCX silver December futures were up 0.49% at ₹2,39,380 per kg around 9:10 AM IST on 18 September 2026.
Brent Crude fell about 1% on 18 September 2026 and traded below $104 per barrel, while the US dollar was flat but set to end the week with a gain of over 1%.
US gold futures for December delivery cooled 0.10% to $4,380.95 per troy ounce on 18 September 2026.
The US Federal Reserve lifted interest rates by 25 basis points on 16 September 2026; the ECB raised its key deposit rate by 25 bps and the Bank of Japan raised rates to a 31-year high of 1.25% in September, while the Bank of England kept rates on hold.
Following the Fed's September 2026 hike, 16 of 18 policymakers expect at least one more quarter-point rate increase by year-end.
Unresolved US-Iran conflict is a double-edged driver: it boosts gold via safe-haven flows but also risks keeping oil higher for longer.