Gold and Silver Prices Mixed Ahead of US Inflation Data
Gold and silver prices were mixed on Thursday as investors remained cautious ahead of key US inflation data and the Federal Reserve's policy decision. On the Multi Commodity Exchange (MCX), gold futures for October opened at Rs 1,53,581, down 0.11 per cent or Rs 182.
Despite initially falling, gold prices rebounded to hit an intraday high of Rs 1,54,252, up 0.31 per cent or Rs 489. However, the yellow metal ultimately closed at Rs 1,54,177, a gain of 0.27 per cent or Rs 414.
Silver futures for December traded near its intraday high of Rs 2,44,265, up 0.02 per cent or Rs 52. However, the white metal declined as much as 0.60 per cent or Rs 1,487 to hit an intraday low of Rs 2,42,726.
Analysts expect gold's immediate resistance at Rs 1,54,000-1,54,700 to hold, with a sustained break potentially taking prices towards Rs 1,56,300-1,57,000. Support is seen at Rs 1,50,700-1,50,000.