MUMBAI — Gold and silver traded on a steady note Wednesday as investors remained cautious ahead of the U.S. Federal Reserve’s upcoming interest rate decision, with both metals moving within a narrow range.
On the Multi Commodity Exchange, gold contracts for June 5 opened at Rs 1,50,720 per 10 grams, up Rs 693, or 0.46 percent, from the previous close of Rs 1,50,027. The metal later pared gains and was trading slightly lower by Rs 56, or 0.04 percent, at Rs 1,49,971 around mid-session.
During the day, gold touched a low of Rs 1,49,720 and a high of Rs 1,51,527, reflecting modest intraday volatility.
Silver also showed a firm trend. Contracts for July 3 opened higher by Rs 826, or 0.34 percent, at Rs 2,43,589 per kilogram, compared with the previous close of Rs 2,42,763. It later traded at Rs 2,38,738, up Rs 1,393, or 0.6 percent.
In the session, silver hit a low of Rs 2,37,607 and a high of Rs 2,38,750.
In international markets, both metals were slightly higher. Gold on the COMEX rose 0.19 percent to $4,616 per ounce, while silver gained 0.81 percent to $73.81 per ounce.
Market participants are closely watching the Federal Reserve’s policy decision for signals on interest rates, which could influence the direction of precious metals.
Analysts said gold is facing resistance in the Rs 1,50,000 to Rs 1,51,000 range, with limited upside unless it sustains above those levels. A sustained move beyond Rs 1,51,000 could push prices toward Rs 1,52,000 to Rs 1,53,000, while a drop below Rs 1,49,000 may trigger profit booking.
Silver remains volatile, with immediate resistance seen between Rs 2,44,000 and Rs 2,46,000. A break below Rs 2,43,000 could accelerate declines toward Rs 2,41,000, while a move above resistance may support a recovery.
Analysts said the near-term outlook for both metals remains cautious amid global macroeconomic uncertainty and ongoing geopolitical developments. (Source: IANS)
