Price Movement – Gold and Silver prices are under pressure as the US Federal Reserve unanimously decided to raise interest rates for the first time since 2023, in its September policy meeting. Notably, the Fed’s “dot plot” — a chart showing officials’ rate expectations — signalled that one more rate hike is likely before the year ends

Geopolitical Tensions – Iran-backed Houthi rebels claimed that Saudi jets have launched over 450 air strikes across Yemen in the past week, and said they downed a Saudi F-15 fighter over Marib province. Meanwhile, US President Donald Trump suggested Iran is open to a deal and that the conflict could be winding down. Still, the ongoing clashes between the Houthis and Saudi Arabia keep geopolitical risk alive, which gave Gold a mild boost.

Macro-Economic Signals – The Fed raised its benchmark rate by 25 basis points to a range of 3.75%–4%, its first hike in three years, matching market expectations. Fed Chair Kevin Warsh noted that inflation is still running high, echoing last week’s data showing core US inflation rose faster than forecast in August. The Fed’s updated projections showed that 16 of 18 policymakers expect at least one more quarter-point hike this year, while only two believe rates will stay unchanged

Technical Triggers

Spot gold has support at $4,275 (~Rs 150,000); a sustained break below that level opens the door to the psychological $4,150 (~Rs 145,500) mark as the next line of defence, while resistance sits in the $4,430–4,500 (~Rs 154,500–156,000) band.

Spot silver has carved out a Head and Shoulders pattern, with neckline support at $62.5 (~Rs 231,000) key to preserving its broader uptrend. A sustained break below that level would expose $60 (~Rs 220,000) and $57 (~Rs 210,000), while $67 (~Rs 244,000) caps the near-term upside.

Dr. Renisha Chainani, Chief Research Officer (CRO),Augmont