Gold, silver trade on firm note ahead of US Fed decision
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On Wednesday, gold and silver held steady as markets awaited the US Federal Reserve’s interest‑rate decision, with both metals moving within a tight band.
On the MCX, the June gold contract opened at ₹1,50,720 per 10 g, gaining ₹693 (+0.46%) from the prior close of ₹1,50,027. Later, the metal gave up some of its advance and was trading slightly down by ₹56 (‑0.04%) at ₹1,49,971 around 11:30 am.
During the session, gold slipped to an intraday low of ₹1,49,720 (‑0.20%,‑₹307) and rose to a high of ₹1,51,527 (+1.0%,+₹1,500).
Meanwhile, the July silver contract opened at ₹2,43,589 per kg, up ₹826 (+0.34%) from the previous close of ₹2,42,763. At the time of writing, silver was quoted at ₹2,38,738, higher by ₹1,393 (+0.6%).
In the same session, silver fell to a low of ₹2,37,607 (+0.11%,+₹262) and climbed to a high of ₹2,38,750 (+0.59%,+₹1,405).
Globally, both metals edged higher. COMEX gold rose 0.19% to $4,616 per ounce, and COMEX silver added 0.81% to reach $73.81 per ounce.
A commodity market analyst noted that MCX gold encounters resistance in the ₹1,50,000‑₹1,51,000 band, suggesting limited upside unless the price holds above that zone.
“A decisive break above ₹1,51,000 could bolster bullish sentiment and drive prices toward ₹1,52,000‑₹1,53,000, whereas a slip below ₹1,49,000 might prompt profit‑taking and push the metal lower,” the analyst said.
“Silver remains volatile, with near‑term resistance positioned between ₹2,44,000 and ₹2,46,000,” the analyst added.
“A clear drop below ₹2,43,000 could hasten a slide toward ₹2,41,000, while a rise above the resistance zone might foster a recovery,” he said, noting that the short‑term outlook for both commodities stays cautious given global macro‑economic uncertainties and geopolitical tensions.
(Inputs from IANS)
