Gold, Silver Prices Today: Bullion Trades Flat Ahead of US Fed Decision

Gold and silver prices traded largely range-bound on Tuesday as a stronger US dollar and elevated bond yields weighed on bullion ahead of the US Federal Reserve's monetary policy decision. On the Multi Commodity Exchange (MCX), gold futures (October) were trading at Rs 1,52,570 per 10 grams, up 0.01 per cent or Rs 18. By 10:36 am, the yellow metal jumped as much as 0.27 per cent or Rs 412 to hit an intraday high of Rs 1,53,000.

It recorded an intraday low of Rs 152424, a decrease of 0.10 per cent or Rs 164. Silver futures (December) were trading at 2,31,750 per kg, down 0.40 per cent or Rs 940. At the last count, the white metal has recorded an intraday high of Rs 2,32,546, an increase of 0.06 per cent or Rs 144. It touched an intraday low of Rs 2,31,612 so far, down Rs 1,078 or 0.46 per cent. Commodity experts said, "Immediate resistance is at Rs 1,54,000-1,54,700, and a break above targets the next resistance at Rs 1,56,300-1,57,000," according to them.

On the downside, gold has immediate support at Rs 1,50,700-1,50,000, followed by Rs 1,48,000-1,47,300. The experts said the relative strength index near 45, below the neutral 50 level, reflected soft momentum in international gold prices as well. They further noted that the bias for gold remains cautious below Rs 1,54,000, with a sustained move above that level needed to stabilise the trend. A fall below Rs 1,50,000 could drag prices towards Rs 1,48,000. Immediate resistance for MCX silver is placed at Rs 2,33,000-2,34,000, with a break above the zone potentially taking prices towards Rs 2,39,000-2,40,000.

On the downside, immediate support is seen at Rs 2,30,000-2,29,000, followed by Rs 2,26,000-2,25,000. According to experts, silver's RSI near 46, below the midline, indicated that the metal remained weaker than gold in the domestic market. In addition, the dollar index rose 0.20 per cent while the yield on the benchmark 10-year US Treasury briefly crossed 5 per cent, its highest level since October 2023.

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