Gold, silver futures rebound after three-day sell-off on value buying ahead of Federal Reserve's minutes

New Delhi: Prices of gold and silver recovered in futures trade on Wednesday after witnessing losses for the three consecutive sessions, as traders indulged in value buying ahead of the release of Federal Reserve's meeting minutes.

On the Multi Commodity Exchange (MCX), gold futures for December delivery increased by Rs 674, or 0.55 per cent, to Rs 1,23,314 per 10 grams in 10,726 lots. The February 2026 contract appreciated by Rs 498, or 0.4 per cent, to Rs 1,24,750 per 10 grams in 6,336 lots.

Silver futures followed gold's trajectory. On the MCX, the white metal for December delivery climbed by Rs 988, or 0.64 per cent, to Rs 1,55,632 per kilogram in a business turnover of 12,524 lots.

Similarly, the March 2026 contract jumped by Rs 1,270, or 0.81 per cent, to Rs 1,58,737 per kg in 11,869 lots.

In the international markets, Comex gold futures for December delivery rose by USD 23.44, or 0.58 per cent, to USD 4,089.94 per ounce, snapping a four-day losing run.

"Gold price was trading around USD 4,080 per ounce, as investors remained cautious ahead of major economic releases," Jigar Trivedi, Senior Research Analyst at Reliance Securities, said.

He further stated that key focal points include the Federal Open Market Committee (FOMC) meeting minutes later in the day, followed by Thursday's jobs report, both of which could provide more clarity on the interest rate outlook.

Meanwhile, US agencies have started rolling out data delayed by the government shutdown, with Americans claiming unemployment benefits hitting a two-month high in mid-October and continued claims rising to 1.9 million for the week ending October 18.

"The uptick in figures has marginally lifted hopes of a December rate cut, investors worry that upcoming data could constrain the Fed's ability to ease further amid policymakers' skepticism, Trivedi said.

He added that concerns over lofty tech valuations have weighed on risk sentiment, potentially increasing gold's safe-haven appeal amid the ongoing equity market sell-off.

Comex silver futures for December delivery was trading 1.36 per cent higher at USD 51.20 per ounce in the overseas markets.