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On Thursday, Gold and silver prices moved in different directions as investors stayed cautious before key US inflation readings and the Federal Reserve’s upcoming interest-rate decision.
On the Multi Commodity Exchange (MCX), October gold futures began at Rs 1,53,581, down 0.11 per cent or Rs 182.
The contract later reversed course, rising 0.31 per cent or Rs 489 to reach an intraday peak of Rs 1,54,252.
Around 11:00 AM, gold was quoted at Rs 1,54,177, marking a gain of 0.27 per cent or Rs 414.
Analysts said gold remains range-bound, with Rs 1,54,000-Rs 1,54,700 acting as immediate resistance. A decisive move above this range could lift prices towards Rs 1,56,300-Rs 1,57,000.
On the downside, support is placed at Rs 1,50,700-Rs 1,50,000. A fall below the 100-day EMA could weaken the contract further towards Rs 1,48,000.
December silver futures reached Rs 2,44,265 at the day’s high, gaining Rs 52 or 0.02 per cent. It subsequently fell as much as 0.60 per cent or Rs 1,487 to Rs 2,42,726.
MCX silver was trading near Rs 2,43,000, down 0.52 per cent. Resistance stands at Rs 2,45,000-Rs 2,46,000, followed by Rs 2,49,000-Rs 2,50,000, while support is seen at Rs 2,42,000-Rs 2,41,000.
Investors are awaiting US producer inflation data on Thursday and consumer inflation figures on Friday for clues about the Fed’s next move.
The central bank is widely expected to leave rates unchanged at its September 15-16 meeting.
In overseas trade, COMEX gold rose 0.27 per cent to $4,472.60, while silver slipped 0.29 per cent to $68.44.
Also Read: Crude Oil Above $100 Again: Iran-US Tensions Put Strait Of Hormuz In Focus
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