Gold and silver prices opened sharply lower on the Multi-Commodity Exchange (MCX) on Thursday after the US Fed signalled an interest rate increase later this year, while keeping rates unchanged in last night’s policy meeting. The sharp fall came despite easing oil prices following a US-Iran interim agreement, which reduced inflation concerns and boosted demand for the precious metal. In the domestic market, MCX silver futures for July 2026 delivery were down Rs 6,298 (2.5%) to Rs 2,45,509 per kg. Gold futures for August 2026 delivery declined by Rs 1,600 to Rs 1,52,304 per 10 grams. In the previous session, gold and silver ended flat. Per Reuters, Nine of the U.S. central bank's 19 policymakers now believe they will need to raise the policy rate this year, ⁠according to projections published on Wednesday after the Fed announced its decision to leave the policy rate in its current 3.50%-3.75% range. When the US Federal Reserve raises interest rates, yields on bonds, deposits and other interest-bearing assets rise. Investors can earn higher returns elsewhere, making gold relatively less attractive.In the international market, spot gold rose 1.4% to $4,316.42 per ounce after falling 1.7% on Wednesday. Meanwhile, U.S. gold futures for August delivery slipped 1% to $4,336.70. Among other precious metals, spot silver climbed 1.8% to $69.18 per ounce, platinum gained 1.2% to $1,757.53, and palladium advanced 1.3% to $1,329.99 per ounce.How should you trade gold?Manoj Kumar Jain of Prithvi Finmart said that on MCX, gold has support at Rs 1,52,800-1,52,000 and resistance at Rs 1,54,400-1,55,500, while silver has support at Rs 2,48,000-2,44,400 and resistance at Rs 2,55,000-2,58,800.He noted that the firm had recommended buying gold in the Rs 1,51,100-1,50,000 range with a stop loss below Rs 1,48,800 and targets of Rs 1,52,600-1,53,800. It had also advised buying silver in the Rs 2,48,800-2,46,000 range with a stop loss below Rs 2,43,300 and targets of Rs 2,53,000-2,55,500.According to Jain, gold touched a high of Rs 1,54,134 and achieved the stated targets, while silver climbed to Rs 2,52,553. He advised investors to book profits in existing long positions and wait for fresh entry opportunities.Gold rates in physical marketsGold Price today in DelhiStandard gold (22 carat) prices in Delhi stand at Rs 1,1,912/8 grams while pure gold (24 carat) prices stand at Rs 1,20,992/8 grams.Gold Price today in MumbaiStandard gold (22 carat) prices in Mumbai stand at Rs 1,10,792/8 grams while pure gold (24 carat) prices stand at Rs 1,20,872/8 grams.Gold Price today in ChennaiStandard gold (22 carat) prices in Chennai stand at Rs 1,12,232/8 grams, while pure gold (24 carat) prices stand at Rs 1,22,440/8 grams.Gold Price today in HyderabadStandard gold (22 carat) prices in Hyderabad stand at Rs 1,10,792/8 grams, while pure gold (24 carat) prices stand at Rs 1,20,872/8 grams.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)