Gold, Silver Prices Today: MCX Gold Rises To Rs 1,48,379, Silver Gains Rs 826

Gold and silver futures traded higher on Monday, tracking firm global cues as concerns over an immediate US Federal Reserve rate hike eased.

On the Multi Commodity Exchange (MCX), December gold futures rose Rs 461, or 0.31 per cent, to Rs 1,48,379 per 10 grams from the previous close of Rs 1,47,918.

The yellow metal touched an intraday high of Rs 1,48,499 and a low of Rs 1,48,120.

December silver futures gained Rs 826, or 0.39 per cent, to Rs 2,12,013 per kg against the previous close of Rs 2,11,187.

Silver hit an intraday high of Rs 2,12,750 and a low of Rs 2,11,634. Gold and silver contracts opened at Rs 1,48,397 and Rs 2,12,319, respectively.

Commodity market experts said remarks by Fed Chair Kevin Warsh in Bangkok on Friday reduced the implied probability of an October rate hike to below 20 per cent.

Rising inflation, including the steepest monthly producer-price increase in four-and-a-half years, keeps a December rate hike possible.

The October 27-28 Federal Open Market Committee meeting will provide the next key signal.

COMEX gold rose 0.50 per cent to nearly $4,200, while silver gained 0.89 per cent to $57.80.

For MCX gold, experts identified resistance at Rs 1,48,600, followed by Rs 1,50,000-Rs 1,50,700. Support lies at Rs 1,48,000, followed by Rs 1,45,300-Rs 1,46,000 and Rs 1,43,000-Rs 1,43,700.

Silver faces resistance at Rs 2,14,000-Rs 2,15,000 and Rs 2,19,000-Rs 2,20,000.

Support stands at Rs 2,07,000-Rs 2,08,000, followed by Rs 2,00,000-Rs 2,02,000.

Experts added that a firmer rupee was limiting gains from the recovery in international prices.

Also Read: Rupee Rises 22 Paise To 94.75 Against US Dollar As RBI Intervention Supports Currency