Fed Decision Looms as Gold and Silver Prices Trade Mixed
Gold and silver prices on the Multi Commodity Exchange (MCX) traded mixed ahead of the US Federal Reserve's monetary policy decision. The Fed's decision is due today at 11:30 PM IST, with markets expecting interest rates to remain unchanged.
The MCX gold August contracts were down 0.21% at ₹1,41,331 per 10 grams, while MCX silver September futures were up 0.34% at ₹2,16,577 per kg around 9:05 AM IST.
Ravi Singh, Chief Research Officer at Master Capital Services, noted that markets are pricing nearly a one-third probability of a rate increase and expectations of tighter monetary policy have helped push the US dollar Index to a 14-month high, weighing on bullion.
According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold has support at ₹1,40,800 and ₹1,40,000 and resistance is at ₹1,42,200 and ₹1,43,100, while silver has support at ₹2,14,000 and ₹2,12,200 and resistance is at ₹2,17,700 and ₹2,20,000.