Gold and Silver Prices Remain Stable Amid Economic Uncertainty
Market Overview
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Mumbai, September 15: On Tuesday, gold and silver prices exhibited a mostly stable trend as a robust US dollar and rising bond yields exerted pressure on precious metals, particularly ahead of the upcoming monetary policy announcement from the US Federal Reserve.
Current Prices
On the Multi Commodity Exchange (MCX), gold futures for October delivery were priced at Rs 1,52,570 per 10 grams, reflecting a slight increase of 0.01 percent or Rs 18.
By 10:36 AM, the price of gold surged by 0.27 percent or Rs 412, reaching an intraday peak of Rs 1,53,000, while it also recorded a low of Rs 1,52,424, marking a decrease of 0.10 percent or Rs 164.
Meanwhile, silver futures for December delivery were trading at Rs 2,31,750 per kg, down by 0.40 percent or Rs 940.
At its highest point, silver reached Rs 2,32,546, an increase of 0.06 percent or Rs 144, but it also saw a low of Rs 2,31,612, down by Rs 1,078 or 0.46 percent.
Market Analysis
Commodity analysts indicated that gold faces immediate resistance between Rs 1,54,000 and Rs 1,54,700, with a breakthrough potentially targeting the next resistance levels of Rs 1,56,300 to Rs 1,57,000. Conversely, immediate support is identified at Rs 1,50,700 to Rs 1,50,000, followed by Rs 1,48,000 to Rs 1,47,300.
The relative strength index (RSI) for gold is currently near 45, which is below the neutral threshold of 50, suggesting a lack of momentum in international gold prices.
Experts noted that the outlook for gold remains cautious while trading below Rs 1,54,000, and a sustained move above this level is necessary for a more stable trend. A decline below Rs 1,50,000 could lead prices towards Rs 1,48,000.
Silver Market Insights
For silver, immediate resistance is observed at Rs 2,33,000 to Rs 2,34,000, with a potential breakout leading prices towards Rs 2,39,000 to Rs 2,40,000. On the downside, immediate support is at Rs 2,30,000 to Rs 2,29,000, followed by Rs 2,26,000 to Rs 2,25,000.
The RSI for silver is around 46, indicating that it is currently weaker than gold in the domestic market.
Economic Factors
Additionally, the dollar index increased by 0.20 percent, and the yield on the benchmark 10-year US Treasury bond briefly surpassed 5 percent, marking its highest level since October 2023.