Mumbai — Gold and silver prices traded largely flat Tuesday as a stronger U.S. dollar and elevated bond yields weighed on bullion ahead of the Federal Reserve’s monetary policy decision.
On the Multi Commodity Exchange, October gold futures were trading at Rs 1,52,570 per 10 grams, up 0.01%, or Rs 18.
By 10:36 a.m., gold had risen as much as 0.27%, or Rs 412, to an intraday high of Rs 1,53,000. It also touched an intraday low of Rs 1,52,424, down 0.10%, or Rs 164.
December silver futures were trading at Rs 2,31,750 per kilogram, down 0.40%, or Rs 940.
Silver reached an intraday high of Rs 2,32,546, up 0.06%, or Rs 144, and fell as low as Rs 2,31,612, down Rs 1,078, or 0.46%.
Commodity analysts said immediate resistance for gold was seen at Rs 1,54,000 to Rs 1,54,700. A break above that range could push prices toward Rs 1,56,300 to Rs 1,57,000.
On the downside, gold has immediate support at Rs 1,50,700 to Rs 1,50,000, followed by Rs 1,48,000 to Rs 1,47,300.
Analysts said a relative strength index reading near 45, below the neutral level of 50, pointed to weak momentum in international gold prices.
They said the outlook for gold remained cautious below Rs 1,54,000, with a sustained move above that level needed to stabilize the trend. A fall below Rs 1,50,000 could push prices toward Rs 1,48,000.
For silver, immediate resistance was seen at Rs 2,33,000 to Rs 2,34,000, with a break above that range potentially taking prices toward Rs 2,39,000 to Rs 2,40,000.
Support was seen at Rs 2,30,000 to Rs 2,29,000, followed by Rs 2,26,000 to Rs 2,25,000.
Meanwhile, the U.S. dollar index rose 0.20%, while the yield on the benchmark 10-year U.S. Treasury briefly crossed 5%, its highest level since October 2023. (Source: IANS)
