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Prices of gold and silver remained largely steady on Wednesday, as investors stayed cautious ahead of the upcoming interest rate decision by the US Federal Reserve.
On the Multi Commodity Exchange (MCX), gold futures for June delivery began the session at Rs 1,50,720 per 10 grams, marking a rise of Rs 693 from the previous close of Rs 1,50,027. The gains were, however, short-lived, and by late morning, the metal was trading slightly lower at Rs 1,49,971, down Rs 56.
During the day, gold prices fluctuated within a narrow band, touching a low of Rs 1,49,720 and a high of Rs 1,51,527.
Silver futures for July delivery also opened higher at Rs 2,43,589 per kg, up Rs 826 compared to the previous closing price of Rs 2,42,763.
As trading progressed, silver strengthened further and was quoted at Rs 2,38,738, up Rs 1,393 at the time of reporting.
In intraday trade, silver moved between a low of Rs 2,37,607 and a high of Rs 2,38,750.
In global markets, both metals recorded modest gains. Gold on COMEX was up 0.19 per cent at $4,616 per ounce, while silver rose 0.81 per cent to $73.81 per ounce.
Market analysts indicated that gold is encountering resistance in the Rs 1,50,000 to Rs 1,51,000 range.
A sustained rise above Rs 1,51,000 could push prices towards Rs 1,52,000–Rs 1,53,000, while slipping below Rs 1,49,000 may lead to selling pressure.
Silver, on the other hand, continues to show volatility. Experts see resistance between Rs 2,44,000 and Rs 2,46,000, with a potential downside towards Rs 2,41,000 if prices fall below Rs 2,43,000.
Overall, the near-term outlook for both metals remains cautious, influenced by global economic signals and geopolitical uncertainties.
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