Gold and Silver Prices Trade Range-Bound Ahead of Fed Decision
Gold and silver prices traded in a narrow range on Tuesday as the US dollar strengthened and bond yields rose ahead of the US Federal Reserve's monetary policy decision.
The Multi Commodity Exchange (MCX) saw gold futures for October trading at Rs 1,52,570 per 10 grams, up 0.01% or Rs 18. The metal briefly reached an intraday high of Rs 1,53,000, a gain of 0.27% or Rs 412.
Silver futures for December were down 0.40% or Rs 940 at Rs 2,31,750 per kg. Despite reaching an intraday high of Rs 2,32,546, an increase of 0.06% or Rs 144, the white metal hit an intraday low of Rs 2,31,612, down Rs 1,078 or 0.46%.
Commodity experts pointed to immediate resistance for gold at Rs 1,54,000-1,54,700 and a break above that would target Rs 1,56,300-1,57,000. On the downside, gold has support at Rs 1,50,700-1,50,000.
For silver, immediate resistance is placed at Rs 2,33,000-2,34,000, with a break above that potentially taking prices towards Rs 2,39,000-2,40,000. On the downside, immediate support is seen at Rs 2,30,000-2,29,000.