Mumbai: Gold and silver traded on a firm note on Wednesday ahead of the US Federal Reserve’s interest rate decision, with both precious metals trading in a narrow range.
On the Multi Commodity Exchange (MCX), gold contracts for June 5 opened at Rs 1,50,720 per 10 grams, up Rs 693 or 0.46 per cent from the previous close of Rs 1,50,027. However, the yellow metal pared gains and was trading marginally lower by Rs 56 or 0.04 per cent to Rs 1,49,971 at 11:30 am.
So far in the session, it touched an intraday low of Rs 1,49,720 — a decrease of 0.20 per cent or Rs 307 — and a high of Rs 1,51,527 — an increase of 1 per cent or Rs 1,500.
On the other hand, silver contracts for July 3 rose Rs 826 or 0.34 per cent to begin the session at Rs 2,43,589 per kg compared to the previous close of Rs 2,42,763. At the time of writing this story, the white metal was trading at Rs 2,38,738, up Rs 1393 or 0.6 per cent.
During the session, silver hit a low of Rs 2,37,607 — a jump of 0.11 per cent or Rs 262 — and a high of Rs 2,38,750 — an increase of 0.59 per cent or Rs 1,405.
Moreover, in international markets, both gold and silver were trading mildly positive. COMEX gold was up 0.19 per cent at $4,616 per ounce, while COMEX silver gained 0.81 per cent to $73.81 per ounce.
According to a commodity market expert, MCX gold is facing resistance near the Rs 1,50,000–Rs 1,51,000 levels, with price action indicating limited upside unless it sustains above these levels.
“A sustained move above Rs 1,51,000 could strengthen bullish momentum and push prices towards Rs 1,52,000–Rs 1,53,000, while on the downside, a break below Rs 1,49,000 may trigger profit booking and drag prices lower,” the expert said.
For silver, the expert said that the metal remains volatile, with immediate resistance seen in the Rs 2,44,000–Rs 2,46,000 range.
“A decisive break below Rs 2,43,000 could accelerate declines towards Rs 2,41,000 levels, while a move above resistance may support a recovery,” the expert said, adding that the near-term outlook for both metals remains cautious amid global macro uncertainty and geopolitical developments.
(IANS)
