New Delhi: Gold and silver futures opened nearly 0.4 per cent lower on the Multi Commodity Exchange but regained much of the lost ground even as investors await remarks from US Federal Reserve Chair Kevin Warsh at the Jackson Hole economic symposium.
Gold futures contracts for October expiry on the Multi Commodity Exchange (MCX) opened firmly in red but after a rebound it was down 0.04 per cent on an intraday basis as of 12.35 pm, at Rs 1,58,835 per 10 grams.
MCX Silver September contracts gained 0.82 per cent or Rs 2,023 to Rs 2,42,674 per kg.
At mid-day, the price of 10 grams of 24-carat gold was at Rs 1,58,226 down from Rs 1,58,386 on Thursday, according to data published by the India Bullion and Jewellers Association (IBJA).
The gold prices dipped nearly Rs 5,000 per 10 grams over four sessions as the rupee’s appreciation also added pressure.
Spot gold fell 0.5 per cent to $4,576.30 per ounce early on Friday, while US gold futures eased 0.8 per cent to $4,629.
Traders are awaiting cues on the US central bank’s interest‑rate path, with markets cutting the chance of a US rate hike in September to about 36 per cent according to the CME FedWatch Tool, and keeping the probability of a December hike near 72 per cent.
The US Personal Consumption Expenditures price index rose 3.7 per cent in the year through July, unchanged from June and slightly above economists’ 3.6 per cent forecast, which further complicates Fed expectations.
Analysts said that MCX gold has support at Rs 1,57,600–Rs 1,57,000 while resistance at Rs 1,59,500-1,60,000 zones. MCX Silver has support at Rs 2,40,000–2,39,000 while resistance at Rs 2,44,000–2,45,000, he added.
IANS
