Precious metals held a firm undertone in early Wednesday trade as investors braced for the US Federal Reserve’s rate decision, with price action staying compressed into a tight intraday band.
MCX snapshot
In India, June gold futures on the MCX opened at Rs 1,50,720 per 10 grams, edging higher at the start before losing momentum. By around 11:30 am IST, prices hovered near Rs 1,49,971 after exploring a range with an intraday low close to Rs 1,49,720 and a spike to roughly Rs 1,51,527 at the top end.
July silver futures began the session near Rs 2,43,589 per kg and later eased into a narrow corridor. Through the morning, the contract oscillated between approximately Rs 2,37,607 and Rs 2,38,750, with the latest trades spotted around Rs 2,38,738.
Global tone
Internationally, both metals were marginally in the green. COMEX gold ticked up about 0.19% to around $4,616 per ounce, while COMEX silver advanced roughly 0.81% to about $73.81 per ounce, reflecting a cautious bid as traders awaited fresh guidance on the Fed’s policy path.
What traders are watching
Market participants remain laser-focused on the Fed’s language around inflation and growth, with positioning light and dips being eyed selectively ahead of the decision. Broader macro uncertainty and ongoing geopolitical risks continue to temper aggressive bets in either direction.
Technical levels in focus
- Gold (MCX June): Price has been choppy near the Rs 1,50,000–1,51,000 zone. A sustained break higher could unlock follow-through toward Rs 1,52,000–1,53,000. Conversely, a decisive slip below Rs 1,49,000 may invite profit-taking and deepen the pullback.
- Silver (MCX July): The white metal remains volatile, with immediate resistance seen in the Rs 2,44,000–2,46,000 band. A firm move above that area would bolster recovery attempts, while a drop beneath Rs 2,43,000 could expose Rs 2,41,000 on the downside.
Outlook
Near term, expect range-bound moves with a headline-driven bias until the Fed’s decision and press conference set the tone. Clarity on the policy trajectory and inflation outlook will be pivotal for the next leg in gold and silver, with risk appetite and safe-haven demand likely to tug prices in opposing directions.
