Key Highlights:

  • Gold ticks up, silver dips: MCX gold futures rose to an intraday high of Rs 1,54,252, while silver slipped to an intraday low of Rs 2,42,726 before recovering slightly.
  • Key resistance and support levels: Gold faces resistance at Rs 1,54,000-1,54,700; silver at Rs 2,45,000-2,46,000, with both metals holding a cautious near-term bias.
  • US data in focus: Markets await the US producer price index (Thursday) and consumer inflation data (Friday) for cues on the Fed's rate trajectory.
  • Fed meeting on September 15-16: Many experts expect the US central bank to hold rates steady at its upcoming policy meeting.
  • International gold rises on weaker dollar: COMEX gold traded at $4,472.60, up 0.27%, while COMEX silver slipped 0.29% to $68.44.
  • Crude crosses $100: Brent crude rose 0.68% to $101.90 a barrel amid Middle East tensions, while WTI crude gained 1.81% to $97.79.

Mumbai: Gold and silver prices showed a mixed trend in Thursday's morning trade as the market exercised caution ahead of US inflation data and the Federal Reserve's policy decision.

On the Multi Commodity Exchange (MCX), gold futures (October) opened at Rs 1,53,581, a decrease of 0.11 per cent or Rs 182.

By 11 am, the yellow metal jumped as much as 0.31 per cent or Rs 489 to hit an intraday high of Rs 1,54,252. At the last count it was trading at Rs 1,54,177, an increase of 0.27 per cent or Rs 414.

On the other hand, silver futures (December) were trading at an intraday high of Rs 2,44,265, up 0.02 per cent or Rs 52. The white metal declined as much as 0.60 per cent or Rs 1,487, hitting an intraday low of Rs 2,42,726 so far.

Key Technical Levels For Gold And Silver

Analysts said MCX gold was trading 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. Support is placed at Rs 1,50,700-1,50,000, while a break below the 100-day EMA could drag prices towards Rs 1,48,000.

"Bias stays cautious below Rs 1,54,000," an analyst said, adding that a move below Rs 1,52,000 could trigger a pullback towards Rs 1,50,700.

MCX silver was trading near Rs 2,43,000, down 0.52 per cent, while holding above key near-term moving averages. Resistance is seen at Rs 2,45,000-2,46,000, followed by Rs 2,49,000-2,50,000. Support stands at Rs 2,42,000-2,41,000 and then Rs 2,37,000-2,36,000.

Analysts said silver's near-term bias remains cautious, with a break below Rs 2,42,000 potentially leading to further weakness.

Markets Await US Inflation Data And Fed Decision

Moreover, 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.

International Prices And Crude Oil

Meanwhile, international gold prices rose on the dollar's weakness. COMEX gold was trading at $4,472.60, up 0.27 per cent. While COMEX silver was trading at $68.44, down 0.29 per cent.

Additionally, crude oil prices traded higher as Brent crude crossed the $100-a-barrel mark amid the Middle East tensions. Brent crude jumped 0.68 per cent to $101.90 a barrel, while US West Texas Intermediate crude gained 1.81 per cent to $97.79 a barrel.

(With inputs from IANS)

Also Read: Gold Falls 1.86% This Week as Hawkish Fed, Data Bite Prices