Mumbai: Gold and silver prices slipped in the morning trade on Thursday, as investors booked profits after the US dollar strengthened against major currencies.
The demand in the spot market also remained weak, which added to the pressure on precious metals.
On the Multi Commodity Exchange (MCX), gold February futures fell 0.13 per cent to Rs 1,30,288 per 10 grams.
“MCX Gold has extended its up-move and created a fresh high near Rs 1,31,400, and is now approaching its lifetime resistance zone at Rs 1,32,294, which continues to act as a key breakout hurdle,” experts said.
“A clean and sustained close above Rs 1,32,300 can accelerate the rally toward Rs 1,34,400–Rs 1,35,500,” they added.
Silver March futures were also down 0.08 per cent, trading at Rs 1,82,200 per kilogram.
MCX Silver continues to remain exceptionally bullish, supported by global Silver strength and rupee weakness.
“A sustained breakout above Rs 1,84,000 could extend the rally toward Rs 1,86,000–Rs 1,88,000,” analysts said.
“Immediate support is placed near Rs 1,81,700–Rs 1,80,300, while the previous high near Rs 1,71,750 now acts as a powerful long-term support zone,” experts mentioned.
The dollar index regained the 99 level after touching 98.85 in the previous session.
However, its rise was limited because traders are expecting the US Federal Reserve to cut interest rates soon.
Back home, the market’s attention is now on the Reserve Bank of India’s Monetary Policy Committee meeting scheduled for December 5.
Experts remain divided on what the RBI may do next. Some analysts believe the central bank might announce a 25-basis-point rate cut, while others expect the RBI to keep interest rates unchanged for the third straight policy review.
Globally, gold traders are waiting for a major trigger from the US Federal Reserve. The Federal Open Market Committee will meet on December 9 and 10 to decide on benchmark interest rates, and a rate cut could push gold prices higher.
(IANS)
