Gold rises ₹607 as rate-hold expectations strengthen; silver jumps ₹2,828

Lower-than-expected inflation data in the US strengthened expectations that the Federal Reserve could keep interest rates unchanged at its October meeting, providing support to gold.

 

Gold and silver futures opened higher on Friday, October 1.

 

In the global market, gold futures on Comex were trading near $4,200 per ounce, while silver was trading near $61.40 per ounce. In the domestic market, gold futures on the Multi Commodity Exchange (MCX) were trading near ₹1,49,450 per 10 gram at the time of writing, while silver futures were trading near ₹2,25,700 per kg.

Gold rises

Gold futures opened higher. On the MCX, the benchmark December gold contract opened ₹607 higher at ₹1,49,643 per 10 gram. The previous close was ₹1,49,036.

 

At the time of writing, the contract was trading ₹398 higher at ₹1,49,434.

 

Gold futures had touched a high of ₹1,80,779 per 10 gram earlier this year.

Silver also gains

Silver futures also opened higher. On the MCX, the benchmark December silver contract opened ₹2,828 higher at ₹2,26,534 per kg. The previous close was ₹2,23,706.

 

At the time of writing, the contract was trading ₹1,974 higher at ₹2,25,680.

 

Silver futures had touched a high of ₹4,20,048 per kg earlier this year.

Gold, silver rise in global market

Gold and silver futures were trading higher in the international market.

 

On Comex, gold opened at $4,190.10 per ounce. The previous closing price was $4,186.70. At the time of writing, it was trading $7.50 higher at $4,194.20 per ounce.

 

Gold prices had touched a high of $5,586.20 per ounce earlier this year.

 

Comex silver futures opened at $60.77 per ounce. The previous closing price was $60.56. At the time of writing, silver was trading $0.81 higher at $61.37 per ounce.

 

Silver prices had touched a high of $121.79 per ounce earlier this year.

Levels to watch

According to Ajay Kedia, director, Kedia Advisory, gold currently has support at ₹1,48,255. A break below this level could take prices towards ₹1,47,470.

 

On the upside, resistance is seen at ₹1,50,460. If gold sustains above this level, prices could rise towards ₹1,51,880.

 

Silver has support at ₹2,22,240. A break below this level could take prices towards ₹2,20,775.

 

On the upside, resistance is seen at ₹2,26,430. A sustained move above this level could take silver towards ₹2,29,155.