Gold Prices Jolt Higher Amid US Inflation Data Caution

Gold and silver prices were mixed in Thursday's morning trade as investors exercised caution ahead of US inflation data and the Federal Reserve's policy decision. On the Multi Commodity Exchange (MCX), gold futures opened at Rs 1,53,581, down 0.11% or Rs 182 from the previous day.

However, by 11 am, gold prices jumped as much as 0.31% or Rs 489 to hit an intraday high of Rs 1,54,252. At the last count, it was trading at Rs 154177, up 0.27% or Rs 414.

Silver futures (December) were trading at an intraday high of Rs 2,44,265, up 0.02% or Rs 52. However, it declined as much as 0.60% or Rs 1,487 to hit an intraday low of Rs 2,42,726.

Analysts said 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.

On the other hand, MCX silver was trading near Rs 2,43,000, down 0.52%, 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.