Gold and silver prices were lacklustre in morning trade on the MCX on Thursday, 10 September, amid caution ahead of US inflation data and the US Federal Reserve’s policy decision.
MCX gold October futures were 0.03% down at ₹1,53,710 per 10 grams, while MCX silver December futures were 0.39% down at ₹243249 per kg around 9:05 AM.
Investors’ focus is on the US producer price index data due today, and the consumer inflation prints due on Friday for further cues on the US Fed’s interest rate trajectory.
Most experts believe the US central bank may maintain a status quo on interest rates in its next policy meeting on 15-16 September.
Meanwhile, international gold prices rose on the dollar’s weakness. US gold futures for the December series climbed by more than 0.50% to $4,464.20 per troy ounce, as the dollar index eased 0.10%, making greenback-backed bullion slightly cheaper in overseas currencies.
“Gold held steady in international markets as investors cautiously awaited key US inflation readings for further insight into the Fed’s next policy move. The yellow metal found support from a weaker dollar and continued demand for its long-term hedging appeal despite near-term pressure from higher oil prices and bond yields,” said Jigar Trivedi, Senior Research Analyst at IndusInd Securities.
The continue, keeping investors nervous. The US and Iran have resumed their attacks on each other.
Multiple American military aircraft suffered damage in Iranian strikes overnight on the Muwaffaq Salti Air Base in Jordan, CBS reporter Jennifer Jacobs cited sources as saying on Wednesday on X.
Key levels to watch
According to Trivedi, MCX gold October futures may appreciate during the day session to ₹1,54,200, as sentiment is positive in global markets.
Ravi Singh, Chief Research Officer at Master Capital Services, underscored that MCX gold continues to trade in a range, with prices holding above the 55-day EMA but still facing resistance around ₹1,54,000.
“The recent price action suggests a lack of clear direction, with ₹1,54,000 acting as the immediate hurdle and ₹1,49,600 as the key support. A sustained move above ₹1,54,000 would improve the setup and shift momentum towards the ₹1,57,000– ₹1,60,000 zone, while a break below ₹1,49,600 could trigger a sharper decline towards ₹1,46,000,” said Singh.
“Until a decisive breakout occurs, the bias remains cautious, with sell-on-rise preferred near resistance,” said Singh.
According to Manoj Kumar Jain of Prithvifinmart Commodity Research, MCX gold has support at ₹1,52,500 and ₹1,51,650 and resistance at ₹1,54,400 and ₹1,55,500, while silver has support at ₹2,41,400 and ₹2,39,100 and resistance is at ₹2,45,800 and ₹2,48,000.
“We suggest traders holding long positions in gold and silver can book profits ahead of the U.S. inflation data, and buying can be initiated on dips in gold around ₹1,52,000 and ₹1,51,000 range and in silver around ₹2,39,100 and ₹2,36,000 range,” said Jain.
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