Gold prices dip Rs 1,500/10 grams; silver down Rs 1,600/kg ahead of Fed minutes. Key levels to track
The minutes of the latest Federal Open Market Committee meeting are due later on Wednesday. The release is expected to provide greater clarity on the Fed's monetary policy outlook and the level of support among policymakers for additional rate hikes, potentially influencing expectations for upcoming rate moves.
Any resulting moves in long-term Treasury yields, the dollar or oil prices, particularly in response to developments in the Middle East, could further amplify gold's price direction.
Recent softer economic data has reduced expectations of a rate increase in October, although traders continue to price in an 85% probability of a hike by December. In a high interest rate environment, investors generally favour yield-generating assets over gold.
Gold, silver international prices
Spot gold fell 0.3% to $4,150.23 per ounce by 0145 GMT, while US gold futures slipped 0.2% to $4,177.60.Among other precious metals, spot silver fell roughly 1% to $61.12 per ounce, platinum gained 0.2% to $1,704.25, while palladium declined 0.3% to $1,168.20.
How should you trade gold?
Manoj Kumar Jain of Prithvi Finmart said gold has support at $4,155-4,134 per troy ounce, while resistance is seen at $4,204-4,222. For silver, support is placed at $60.60-60.00, with resistance at $62.40-63.00 per troy ounce in today's session.On the MCX, Jain said gold has support at Rs 1,49,650-1,49,100 and resistance at Rs 1,50,800-1,51,350, while silver has support at Rs 2,25,500-2,24,000 and resistance at Rs 2,28,800-2,31,000. He advised traders to wait for some stability in the markets before taking fresh positions in gold and silver, while long-term investors can consider accumulating on dips.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 1,10,288/8 grams while pure gold (24 carat) prices stand at Rs 1,20,304/8 grams.Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,09,688/8 grams while pure gold (24 carat) prices stand at Rs 1,20,184/8 grams.Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,09,272/8 grams while pure gold (24 carat) prices stand at Rs 1,19,208/8 grams.Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,10,168/8 grams while pure gold (24carat) prices stand at Rs 1,20,184/8 grams.Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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