Gold Steady, Silver Declines As Softer Crude Eases Fed Rate Hike Concerns

Gold traded largely unchanged while silver slipped in early trade on Monday, as lower crude oil prices eased expectations of further interest rate hikes by the US Federal Reserve, providing support to the precious metals market.

On the Multi Commodity Exchange (MCX), gold futures for the August 5 contract opened at ₹1,47,135 per 10 grams, down ₹243 or 0.16 per cent from the previous close.

By around 11 AM, gold was trading at ₹1,47,177 per 10 grams, down ₹200 or 0.14 per cent, after touching an intraday low of ₹1,47,032 and a high of ₹1,47,509.

Silver futures for the September 4 contract opened at ₹2,36,393 per kg, down ₹1,017 or 0.42 per cent.

The white metal later traded at ₹2,36,198 per kg, down ₹1,212 or 0.51 per cent, after hitting an intraday low of ₹2,36,001 and a high of ₹2,37,676.

In the international market, however, both precious metals traded higher. COMEX gold rose 1 per cent to $4,173.24 per ounce, while COMEX silver gained 2 per cent to $62.29 per ounce.

Commodity market analysts said gold remained firm near a two-week high and continued to trade above its key short-term moving averages, signalling underlying strength.

Analysts see ₹1,48,750 per 10 grams as the next resistance for gold, while silver could rise towards ₹2,45,184 per kg.

Meanwhile, falling crude oil prices, with Brent at $71.55 a barrel and WTI below $69 after OPEC+ raised August output targets, continued to support bullion sentiment.

Also Read: Oil Markets Retreat After OPEC+ Announces Fresh Supply Increase For August