Gold Holds Steady, Silver Slips as Fed Rate Hike Fears Ease

Meanwhile, silver futures (September 4) opened at Rs 2,36,393 per kg, down Rs 1,017 or 0.42 per cent from the previous close of Rs 2,37,410.

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At the last count, the white metal was trading at Rs 2,36,198 per kg, down Rs 1,212 or 0.51 per cent. It touched an intraday low of Rs 2,36,001, down Rs 1,409 or 0.59 per cent, and a high of Rs 2,37,676, up Rs 266 or 0.11 per cent.

However, in the international market, both precious metals traded higher. COMEX gold was up 1 per cent at $4,173.24 per ounce, while COMEX silver gained 2 per cent to $62.29 per ounce.

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According to commodity market experts, gold remained steady near a two-week high and continued to trade above its key short-term moving averages, indicating underlying strength.

They said immediate resistance is seen at Rs 1,48,750 per 10 grams, with a breakout above this level likely to accelerate the upward momentum.

Silver, despite opening lower, also continued to trade above its short-term moving average and could move towards the next resistance level of Rs 2,45,184 per kg, the experts said.

Meanwhile, international benchmark Brent crude slipped 0.76 per cent, or 55 cents, to $71.55 per barrel, while US West Texas Intermediate (WTI) crude declined nearly 1 per cent, or 68 cents, to trade below $69 per barrel.

The decline in oil prices came after OPEC+ agreed to raise its production targets for August, easing concerns over global supply shortages.