Metals On The Rise, Check Latest Rates In Delhi, Mumbai, More

On the Multi Commodity Exchange (MCX), December gold futures were trading at Rs 1,48,379 per 10 grams, up Rs 461, or 0.31 per cent, from the previous close of Rs 1,47,918. The contract touched an intraday high of Rs 1,48,499, gaining Rs 581 or 0.4 per cent. Its intraday low stood at Rs 1,48,120, still Rs 200 or 0.13 per cent above the previous close.

Silver futures for December delivery also advanced, trading at Rs 2,12,013 per kg, up Rs 826 or 0.39 per cent from the previous close of Rs 2,11,187. The contract climbed to an intraday high of Rs 2,12,750, rising Rs 1,563 or 0.74 per cent, while its lowest level so far was Rs 2,11,634.

Gold and silver futures had opened the session at Rs 1,48,397 per 10 grams and Rs 2,12,319 per kg, respectively.

The gains in precious metals came as comments by Federal Reserve Chair Kevin Warsh in Bangkok on Friday eased immediate concerns about another interest rate hike. The remarks reportedly brought the implied probability of a rate increase in October below 20 per cent.

However, inflation remains a key factor influencing expectations for the Fed’s next policy moves. Hotter-than-expected readings, including the sharpest monthly rise in producer prices in four and a half years, have kept the possibility of a rate move in December in focus.

The Federal Open Market Committee’s October 27-28 meeting is expected to be the next important event for markets assessing the US interest rate outlook.

In international markets, COMEX gold opened steady near $4,185 and moved towards $4,200, gaining 0.50 per cent and moving back above that level. COMEX silver began trading near $57.15 before advancing towards $57.80, rising 0.89 per cent and registering stronger gains than gold.

Market experts noted that a firmer rupee was reducing the benefit of the recovery in international precious metal prices for domestic traders.

For MCX gold, the immediate resistance level is placed at Rs 1,48,600. A move above this level could bring the Rs 1,50,000-Rs 1,50,700 range into focus.

On the downside, support is seen at Rs 1,48,000, followed by the Rs 1,45,300-Rs 1,46,000 range. The next support zone is estimated at Rs 1,43,000-Rs 1,43,700.

For MCX silver, immediate resistance is placed in the Rs 2,14,000-Rs 2,15,000 range, which capped gains during Friday’s session. The next resistance zone is at Rs 2,19,000-Rs 2,20,000.

“Immediate support at Rs 207,000-Rs 208,000, with next support at Rs 200,000-Rs 202,000,” experts said.

Market participants will continue to monitor international bullion prices, movements in the rupee, inflation data and signals from the US Federal Reserve for further direction in gold and silver.