MCX Gold, Silver Prices Mixed Ahead of US Inflation Data
Mumbai's Multi Commodity Exchange (MCX) saw mixed trends in gold and silver prices on Thursday, as markets exercised caution ahead of US inflation data and the Federal Reserve's policy decision.
Gold futures (October) opened at Rs 1,53,581, a decrease of 0.11 per cent or Rs 182 from previous levels. However, by 11 am, gold jumped as much as 0.31 per cent or Rs 489 to hit an intraday high of Rs 1,54,252. It ultimately traded at Rs 154177, up 0.27 per cent or Rs 414.
On the other hand, silver futures (December) were trading near an intraday high of Rs 2,44,265, up a marginal 0.02 per cent or Rs 52. However, it declined as much as 0.60 per cent or Rs 1,487 to hit an intraday low of Rs 2,42,726.
Analysts said MCX gold was 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.
Market participants are awaiting the US producer price index data due later on Thursday and consumer inflation data scheduled for Friday for cues on the Federal Reserve's interest-rate trajectory. Many experts expect the US central bank to maintain the status quo at its September 15-16 policy meeting.