Gold, Silver Prices Mixed Ahead of US Inflation Data
Gold and silver prices were mixed in early morning trade on Thursday as investors exercised caution ahead of US inflation data and the Federal Reserve's policy decision.
The Multi Commodity Exchange (MCX) saw gold futures (October) open at Rs 1,53,581, down 0.11 per cent or Rs 182 from the previous day.
However, by 11 am, gold prices jumped as much as 0.31 per cent or Rs 489 to hit an intraday high of Rs 1,54,252, before retreating slightly to trade at Rs 154177, up 0.27 per cent or Rs 414.
On the other hand, silver futures (December) traded near its intraday high of Rs 2,44,265, up a marginal 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.
A break above the immediate resistance at Rs 1,54,000-1,54,700 could take prices towards Rs 1,56,300-1,57,000, while support is placed at Rs 1,50,700-1,50,000, they said.