Gold, Silver Prices Flat Ahead of Fed Decision Amid Dollar Strength

Gold and silver prices on the Multi Commodity Exchange (MCX) traded largely range-bound on Tuesday, weighed down by a stronger US dollar and elevated bond yields ahead of the US Federal Reserve's monetary policy decision.

The gold futures contract for October was trading at Rs 1,52,570 per 10 grams, up just 0.01% or Rs 18. However, it briefly jumped as much as 0.27% or Rs 412 to hit an intraday high of Rs 1,53,000.

Silver futures for December were trading at Rs 2,31,750 per kg, down 0.40% or Rs 940. The white metal has recorded an intraday high of Rs 2,32,546, up just 0.06% or Rs 144.

Commodity experts noted that gold's immediate resistance is at Rs 1,54,000-1,54,700, with a break above targeting the next resistance at Rs 1,56,300-1,57,000. On the downside, gold has immediate support at Rs 1,50,700-1,50,000.

The experts also pointed out that silver's RSI near 46, below the midline, indicated that the metal remained weaker than gold in the domestic market. Immediate resistance for MCX silver is placed at Rs 2,33,000-2,34,000, with a break above potentially taking prices towards Rs 2,39,000-2,40,000.