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Gold and silver prices traded largely range-bound on Tuesday as a stronger US dollar and elevated US bond yields weighed on bullion ahead of the US Federal Reserve’s monetary policy decision.
On the Multi Commodity Exchange (MCX), October gold futures were trading at ₹1,52,570 per 10 grams, up 0.01 per cent or ₹18.
The yellow metal rose as much as 0.27 per cent, or ₹412, to hit an intraday high of ₹1,53,000. It touched a low of ₹1,52,424, down 0.10 per cent or ₹164.
December silver futures traded at ₹2,31,750 per kg, down 0.40 per cent or ₹940. The metal touched an intraday high of ₹2,32,546, up ₹144, before falling to ₹2,31,612, down ₹1,078 or 0.46 per cent.
Commodity experts placed immediate resistance for gold at ₹1,54,000–₹1,54,700. A sustained break above this range could push prices towards ₹1,56,300–₹1,57,000.
On the downside, support remains at ₹1,50,700–₹1,50,000, followed by ₹1,48,000–₹1,47,300.
Gold’s relative strength index (RSI) near 45, below the neutral 50 mark, indicated weak momentum.
Experts said the outlook remains cautious below ₹1,54,000, while a fall below ₹1,50,000 could drag prices towards ₹1,48,000.
For MCX silver, immediate resistance stands at ₹2,33,000–₹2,34,000, with a breakout potentially taking prices towards ₹2,39,000–₹2,40,000.
Support is placed at ₹2,30,000–₹2,29,000, followed by ₹2,26,000–₹2,25,000.
Silver’s RSI near 46 indicated weaker momentum compared with gold.
The dollar index rose 0.20 per cent, while the benchmark 10-year US Treasury yield briefly crossed 5 per cent, its highest level since October 2023.
The rise in the dollar and bond yields continued to limit gains in precious metals ahead of the Fed decision.
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