Gold and Silver Prices Trade Mixed Ahead of Key US Economic Data
Gold and silver prices on the Multi Commodity Exchange (MCX) showed mixed trends in Thursday's morning trade, with investors exercising caution ahead of US inflation data and the Federal Reserve's policy decision. Gold futures for October opened at Rs 1,53,581, a decrease of 0.11 per cent or Rs 182, but later jumped as much as 0.31 per cent or Rs 489 to hit an intraday high of Rs 1,54,252.
At the last count, gold was trading at Rs 154177, an increase of 0.27 per cent or Rs 414. Silver futures for December, on the other hand, were trading at an intraday high of Rs 2,44,265, up 0.02 per cent or Rs 52.
Analysts noted that MCX gold was trading largely flat and remained capped below its 20-day exponential moving average and immediate resistance. Immediate resistance for gold is seen at Rs 1,54,000-1,54,700, with a sustained break potentially taking prices towards Rs 1,56,300-1,57,000.
Support stands at Rs 1,50,700-1,50,000, while a break below the 100-day EMA could drag prices towards Rs 1,48,000. Market participants are awaiting the US producer price index data due later on Thursday and consumer inflation data scheduled for Friday for cues on the Federal Reserve's interest-rate trajectory.