MCX Gold Futures Surge as US Inflation Data and Fed Policy Decision Loom

Gold futures on the Multi Commodity Exchange (MCX) rose to Rs 1.53 lakh/10 gm as of Thursday morning, increasing by 0.27 per cent or Rs 414 from its opening price. The metal's price had decreased by 0.11 per cent or Rs 182 at the start of trading, but it rebounded and hit an intraday high of Rs 1,54,252, a 0.31 per cent increase.

The price of gold on the MCX is largely flat and remains capped below its 20-day exponential moving average and immediate resistance, according to analysts. The 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, silver futures on the MCX were trading near Rs 2,43,000, down 0.52 per cent, but holding above key near-term moving averages. The resistance for silver is seen at Rs 2,45,000-2,46,000, followed by Rs 2,49,000-2,50,000.