Gold price has continued to remain flat in India on Friday. The yellow metal prices has been under pressure through this week. On the Multi-Commodity Exchange (MCX), October gold future was trading flat at Rs 46,060, down 0.03 per cent at 0915 hours on September 17. Silver price saw a significant gain on Friday. The precious metal future increased 0.25 per cent to Rs 61,231.
In the international market, gold prices gained on Friday. Spot gold edged up 0.3 per cent to $1,758.10 per ounce by 0329 GMT, while US gold futures gained 0.2 per cent to $1,759.50, according to Reuters. Investors will keenly follow next week’s key US Federal Reserve policy meeting for Fed’s cue. The Federal Open Market Committee’s two-day policy meeting is scheduled to be held on September 21-22. The dollar held near three-week highs against a basket of major currencies and kept upside capped.
“International gold and silver have started flat on Friday early morning trade in Asia. Unless there is some geopolitical event or a Fed surprise, gold’s path is unlikely to change going into the FOMC meeting next week. Technically, LBMA Gold has given a correction from the $1790 level where it could see $1748-$1735 levels. Resistance is at $1762-$1775 levels. LBMA Silver is trading below $23.00 levels below which could see sideways to marginal downside momentum up to $22.30-$21.88 levels. Resistance is at $23.20-$23.55 levels,” said Sriram Iyer, senior research analyst at Reliance Securities.
US retail sales unexpectedly increased in August by 0.7 per cent. Bullion traders also ignored slightly weak initial unemployment claims which rose to 332,000 last week from a pandemic low of 312,000 a week earlier, the Labour Department reported on Thursday.
“On the domestic side, gold and silver futures on MCX could start flat this early Friday morning trade, tracking overseas prices. Technically, MCX Gold October below Rs 46,100 level could see a Bearish momentum up to Rs 45,900-45,600 levels. Support is at Rs 46,200-46,500 levels. MCX Silver December below Rs 61,500 level could see Rs 60,000-59,200 levels. Resistance is at Rs 61,900-63,500 levels,” Iyer added.