MUMBAI — Gold and silver prices traded mixed Thursday morning as investors remained cautious ahead of U.S. inflation data and the Federal Reserve’s upcoming policy decision.
On the Multi Commodity Exchange, October gold futures opened at Rs 153,581, down 0.11 percent, or Rs 182.
By 11 a.m., gold had gained as much as 0.31 percent, or Rs 489, to reach an intraday high of Rs 154,252. It was later trading at Rs 154,177, up 0.27 percent, or Rs 414.
December silver futures, meanwhile, reached an intraday high of Rs 244,265, up 0.02 percent, or Rs 52. The metal also fell as much as 0.60 percent, or Rs 1,487, to an intraday low of Rs 242,726.
Analysts said MCX gold was trading largely flat and remained below its 20-day exponential moving average and immediate resistance level.
Immediate resistance is seen at Rs 154,000 to Rs 154,700, with a sustained break potentially pushing prices toward Rs 156,300 to Rs 157,000. Support is placed at Rs 150,700 to Rs 150,000, while a break below the 100-day exponential moving average could pull prices toward Rs 148,000.
“Bias stays cautious below Rs 1,54,000,” an analyst said, adding that a move below Rs 152,000 could trigger a pullback toward Rs 150,700.
MCX silver was trading near Rs 243,000, down 0.52 percent, while remaining above key near-term moving averages. Resistance is seen at Rs 245,000 to Rs 246,000, followed by Rs 249,000 to Rs 250,000. Support stands at Rs 242,000 to Rs 241,000 and then Rs 237,000 to Rs 236,000.
Analysts said silver’s near-term outlook remains cautious, with a break below Rs 242,000 potentially leading to further weakness.
Investors are also awaiting U.S. producer price index data due later Thursday and consumer inflation data scheduled for Friday for indications about the Federal Reserve’s interest-rate path.
Many analysts expect the U.S. central bank to leave rates unchanged at its Sept. 15-16 policy meeting.
International gold prices rose as the U.S. dollar weakened. COMEX gold was trading at $4,472.60, up 0.27 percent, while COMEX silver fell 0.29 percent to $68.44.
Crude oil prices also moved higher amid tensions in the Middle East, with Brent crude climbing above $100 a barrel. Brent rose 0.68 percent to $101.90 a barrel, while U.S. West Texas Intermediate crude gained 1.81 percent to $97.79 a barrel. (Source: IANS)
