Gold and Silver prices in India traded higher on the Multi Commodity Exchange (MCX) Wednesday tracking gains in the international spot prices.
At 10:10 am, gold futures for April delivery rose 0.35 percent to Rs 44,972 per 10 grams as against the previous close of Rs 44,813 and the opening price of Rs 44,890 on the MCX. Silver futures traded 0.17 percent higher at Rs 67,032 per kg. The prices opened at Rs 66,930 as compared to the previous close of Rs 66,919 per kg.
Gold and silver showed mixed trends in the international markets on Tuesday ahead of the U.S. Federal Reserve meeting outcomes. Gold April futures contract settled on a flattish note at $1730.90 per troy ounce and Silver May futures contract settled at $26.00 per troy ounce.
“We expect the U.S. The Federal Reserve maintains the status quo in the interest rates and remains dovish on monetary policy in today’s meeting. Gold and silver prices could get support at lower levels,” Manoj Jain, Director (Head-Commodity & Currency Research) at Prithvi Finmart told Moneycontrol.
“Gold has support at $1714-1700 per troy ounce and resistance at $1744-1758 per troy ounce; silver has support at $25.70-25.40 per troy ounce and resistance at $26.40-26.70 per troy ounce,” he said.
On MCX, support for gold is placed at Rs 44,400 level and resistance is seen at Rs 45,300 level. Silver may face resistance at Rs 68,400 and support at Rs 66,000 level, Ajay Kedia, Director, Kedia Advisory said to CNBC TV 18.
