Gold and Silver Prices Show Minimal Movement Ahead of Fed Meeting
Gold and silver futures remained largely unchanged on Wednesday, with the yellow metal trading slightly above Rs 59,200 and silver hovering over Rs 72,200. The subdued performance comes as investors tread cautiously ahead of the U.S. Federal Reserve’s upcoming policy meeting.
At the latest count, MCX gold futures for October 5th were flat, holding at Rs 59,238 per 10 grams, after fluctuating between Rs 58,222 and Rs 58,238 earlier in the day. Silver futures for December 5th saw a slight decline of 0.38 percent or Rs 279, settling at Rs 72,290 per kg.
Expert Advice for Bullion Traders
Amit Khare, Associate Vice President at Ganganagar Commodity Limited (GCL) Broking, commented on the situation, saying, “Bullion’s daily charts are looking good and making a bottom, trading near the demand zone. Thus, traders are advised to make fresh buy positions in Gold and Silver near given support level.”
Khare outlined the support and resistance levels for October gold futures at 59080/58900 and 59300/59500, respectively. As for December silver futures, he suggested support at 72000/71400 and resistance at 72700/73100.
Factors Influencing Precious Metals
With the crucial Federal Open Market Committee (FOMC) Fed interest rate decision looming, Neha Qureshi, Senior Technical & Derivative Research Analyst at Anand Rathi Commodities & Currencies, noted, “A hawkish pause remains likely in the meeting. However, any hints of a rate hike in the next two meetings could keep the dollar elevated, which might weigh on the bullion complex.”
Qureshi also highlighted China’s decision to lift temporary curbs on gold imports, which could add a layer of caution to gold prices in early trading. She advised investors to expect high volatility in prices during the evening trade.
Buying Recommendations
For those considering investments in gold and silver, Qureshi recommended buying Gold October futures on dips at 59,100, with a stop loss at Rs 58,800 and a target price of Rs 59,400. As for Silver December futures, she suggested buying on dips at Rs 72,100, setting a stop loss at Rs 71,100, and targeting a price of Rs 75,100.
International Gold Prices
In the international market, COMEX gold remained relatively flat at $1,952 per ounce.
Spot Gold Prices in Major Indian Cities
For a snapshot of spot gold prices in some of India’s major cities, here’s an indicative list:
Mumbai: Rs 60,990 for 24k (10 grams)
Delhi: Rs 61,110 for 24k (10 grams)
Chennai: Rs 61,190 for 24k (10 grams)
Kolkata: Rs 61,080 for 24k (10 grams)
Bengaluru: Rs 61,190 for 24k (10 grams)
Hyderabad: Rs 61,170 for 24k (10 grams)
Ahmedabad: Rs 61,195 for 24k (10 grams)
Bhopal: Rs 61,040 for 24k (10 grams)
Visakhapatnam: Rs 61,160 for 24k (10 grams)
Jaipur: Rs 60,995 for 24k (10 grams)
Lucknow: Rs 61,095 for 24k (10 grams)
Coimbatore: Rs 61,200 for 24k (10 grams)
Madurai: Rs 61,135 for 24k (10 grams)
(Disclaimer: These prices are indicative and sourced from reliable outlets. Investors are advised to cross-check with their jewellers for the most up-to-date information.)