New Delhi, Oct 19 (SocialNews.XYZ) Gold and silver futures traded higher on Monday in early trade, tracking firm global cues and easing Fed rate hike concerns.
On the Multi Commodity Exchange (MCX), gold futures (December) 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 yellow metal jumped as much as 0.4 per cent or Rs 581 to hit an intraday high of Rs 1,48,499. It recorded an intraday low of Rs 1,48,120 so far, up 0.13 per cent or Rs 200.
Similarly, silver futures (December) were 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 white metal hit an intraday high of Rs 2,12,750, surging 0.74 per cent or Rs 1,563. It touched an intraday low of Rs 2,11,634.
Earlier in the day, gold and silver contracts opened at Rs 1,48,397 and Rs 2,12,319, respectively.
According to commodity market experts, Friday's session eased immediate rate-hike concerns with remarks by Fed Chair Kevin Warsh in Bangkok reducing implied probability of October rate increase to below 20 per cent.
However, hotter inflation readings including sharpest monthly rise in producer prices in four and half years keep December move in play. October 27-28 FOMC meeting will be next key test.
For MCX gold, immediate resistance at Rs 148,600, followed by Rs 150,000-Rs 150,700. Downside support at Rs 148,000, followed by Rs 145,300-Rs 146,000 and then Rs 143,000-Rs 143,700.
In addition, COMEX gold opened steady near $4,185 and moved toward $4,200, up 0.50 per cent and edging back above that level. COMEX silver opened near $57.15 and moved toward $57.80, up 0.89 per cent, outperforming gold.
Firmer rupee reducing benefit of recovery in international prices, experts said.
For MCX Silver, immediate resistance at Rs 214,000-Rs 215,000 which capped gains Friday, followed by Rs 219,000-Rs 220,000.
“Immediate support at Rs 207,000-Rs 208,000, with next support at Rs 200,000-Rs 202,000,” they added.
Source: IANS
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