Gold and Silver Prices Show Mixed Trends Ahead of US Inflation Data
Gold and silver prices on the Multi Commodity Exchange (MCX) showed mixed trends in Thursday's morning trade, as market participants exercised caution ahead of US inflation data and the Federal Reserve's policy decision.
The MCX gold futures (October) opened at Rs 1,53,581, a decrease of 0.11 per cent or Rs 182 from the previous day. However, by 11 am, it jumped as much as 0.31 per cent or Rs 489 to hit an intraday high of Rs 1,54,252.
On the other hand, silver futures (December) were trading at an intraday high of Rs 2,44,265, up 0.02 per cent or Rs 52. But it declined as much as 0.60 per cent or Rs 1,487 to hit an intraday low of Rs 2,42,726 so far.
Analysts noted that MCX gold was trading largely flat and remained capped below its 20-day exponential moving average and immediate resistance at Rs 1,54,000-1,54,700. A sustained break could potentially take prices towards Rs 1,56,300-1,57,000.
Additionally, analysts said MCX silver was trading near Rs 2,43,000, down 0.52 per cent, while holding above key near-term moving averages. Resistance is seen at Rs 2,45,000-2,46,000, followed by Rs 2,49,000-2,50,000.