Gold Prices Today: Precious metals likely to remain volatile ahead of US Fed policy meeting

Gold has support at Rs 49,020-48810 while resistance is at Rs 49,480, 49,640. Silver has support at Rs 55,750-55,240 while resistance is at Rs 57,180–57,510, said Rahul Kalantri, VP, commodities, Mehta Equities.

September 19, 2022 / 09:35 AM IST
Gold, gold prices

Gold, gold prices

Gold prices edged higher on Monday, supported by a weaker dollar, as investors assessed some risk of aggressive rate hikes expected this week by major central banks especially the US Federal Reserve to tame inflation.

Spot gold was up 0.2% at $1,677.89 per ounce as of 0022 GMT. US gold futures rose 0.2% at $1,686.50.

At 9:27am, gold contracts were trading 0.19 percent lower on the Multi-Commodity Exchange (MCX) at Rs 49,285 for 10 grams and silver added 0.18 percent at Rs 56,822 a kilogram.

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Rahul Kalantri, VP Commodities, Mehta Equities

Gold on September 16 closed below support level at $1,680. This was the first instance since gold broke above that price point in April 2020. Silver also followed suit and eased after the US University of Michigan inflation expectations showed a reading of 4.6% against an expected reading of 4.8%. However, both the precious metals recovered from their lows.

Gold and silver prices are likely to remain volatile ahead as the Fed is widely expected to hike rates by 75 basis points with traders also pricing in the possibility of a 100 basis point hike.

Gold has support at $1662-1650, while resistance is at $1686-1798. Silver has support at $19.18-18.95, while resistance is at $19.62-19.85. In rupee terms gold has support at Rs 49,020-48810, while resistance is at Rs 49,480, 49,640. Silver has support at Rs 55,750-55,240, while resistance is at Rs 57,180–57,510.

Tapan Patel, Senior Analyst (Commodities), HDFC Securities

Gold prices traded weak on Monday with spot prices at COMEX near $1670 per ounce in morning trade. The firm dollar and speculation ahead of US Fed meeting has pinned down investment sentiments. The market is expected to remain muted till the rate decision amid lack of other triggers.

We expect gold prices to trade sideways to down for the day with COMEX spot gold support at $1650 and resistance at $1690 per ounce. MCX gold October support lies at Rs 49100 and resistance at Rs 49600 per 10 grams.

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Sandip Das
first published: Sep 19, 2022 09:35 am