Gold and silver prices showed mixed trends on Thursday morning, reflecting market caution ahead of crucial US inflation data and the Federal Reserve's policy announcement.
Gold futures for October delivery on the Multi Commodity Exchange (MCX) opened at Rs 1,53,581, down 0.11 percent or Rs 182.
By 11 am, gold climbed by as much as 0.31 percent or Rs 489, reaching an intraday high of Rs 1,54,252. It last traded at Rs 1,54,177, up 0.27 percent or Rs 414.
In contrast, silver futures for December delivery hit an intraday high of Rs 2,44,265, a marginal gain of 0.02 percent or Rs 52, but also fell as much as 0.60 percent or Rs 1,487 to an intraday low of Rs 2,42,726.
Analysts noted that MCX gold remained capped below its 20-day exponential moving average and immediate resistance levels, trading mostly flat.
Gold's immediate resistance is projected between Rs 1,54,000 and Rs 1,54,700; a sustained break could push prices toward Rs 1,56,300 to Rs 1,57,000. Support is seen at Rs 1,50,700 to Rs 1,50,000, while a drop below the 100-day EMA may drag prices down to Rs 1,48,000.
One analyst commented, "Bias stays cautious below Rs 1,54,000," adding that a decline below Rs 1,52,000 might trigger a pullback to Rs 1,50,700.
For silver, prices hovered near Rs 2,43,000, down 0.52 percent but holding above key near-term moving averages. Resistance is expected between Rs 2,45,000 and Rs 2,46,000, and then Rs 2,49,000 to Rs 2,50,000. Supports lie at Rs 2,42,000 to Rs 2,41,000 and Rs 2,37,000 to Rs 2,36,000.
Analysts maintained a cautious stance on silver's near-term outlook, warning that a break below Rs 2,42,000 could prompt further weakness.
Market participants are keenly awaiting the US producer price index due later on Thursday and the consumer inflation figures scheduled for Friday, which will influence expectations about the Federal Reserve's interest rate path.
Many market experts anticipate that the US central bank will keep rates unchanged at its policy meeting on September 15-16.
Internationally, gold prices rose amid a weaker US dollar. COMEX gold was trading at $1,472.60 per ounce, up 0.27 percent, while COMEX silver declined 0.29 percent to $18.44 per ounce.
Crude oil prices also surged, with Brent crude surpassing the $100-a-barrel mark amid Middle East tensions. Brent crude rose 0.68 percent to $101.90 per barrel, and US West Texas Intermediate crude increased 1.81 percent to $97.79 per barrel.
