Mumbai, Sep 15: Gold and silver prices remained largely steady on Tuesday as investors stayed cautious ahead of the US Federal Reserve’s monetary policy decision. A stronger US dollar and rising US Treasury yields continued to limit the appeal of precious metals.
On the Multi Commodity Exchange (MCX), October gold futures were trading at Rs 1,52,570 per 10 grams, almost unchanged from the previous session.
Gold moved through a narrow range during the morning trade. It briefly climbed to Rs 1,53,000, before slipping to an intraday low of Rs 1,52,424 as buying momentum weakened.
Silver faced greater pressure. December silver futures were trading at Rs 2,31,750 per kg, down Rs 940, or 0.40 per cent. The metal touched a high of Rs 2,32,546 before declining to Rs 2,31,612.
The cautious movement reflects the uncertainty surrounding the Federal Reserve’s upcoming decision. Investors are closely watching signals on US interest rates because changes in monetary policy can have a direct impact on the dollar, bond yields and global demand for gold.
Gold does not provide regular interest income, so higher bond yields can make fixed-income assets more attractive to investors. At the same time, a stronger dollar can make internationally traded gold more expensive for buyers holding other currencies.
In the domestic market, gold is currently facing resistance around Rs 1,54,000-Rs 1,54,700. A sustained rise above this level could push prices towards Rs 1,56,300-Rs 1,57,000.
On the other hand, the Rs 1,50,700-Rs 1,50,000 range is seen as an important support zone. A break below Rs 1,50,000 could put further pressure on prices, with the next support levels around Rs 1,48,000-Rs 1,47,300.
For silver, immediate resistance is placed around Rs 2,33,000-Rs 2,34,000. A decisive move above this range could take the metal towards Rs 2,39,000-Rs 2,40,000. On the downside, support is seen around Rs 2,30,000-Rs 2,29,000, followed by Rs 2,26,000-Rs 2,25,000.
Technical indicators also point to subdued momentum. Gold’s Relative Strength Index was around 45, while silver’s RSI stood near 46, both below the neutral 50 mark.
Meanwhile, the dollar index rose 0.20 per cent, while the benchmark 10-year US Treasury yield briefly moved above 5 per cent, its highest level since October 2023.
For Indian consumers, particularly jewellery buyers and households that use gold as a long-term store of value, global market movements can eventually influence domestic prices. The direction of the dollar, US interest rates, geopolitical developments and the rupee will therefore remain important factors for bullion prices in the coming days.
With the Fed decision approaching, the precious metals market is likely to remain sensitive to every major signal on inflation and interest rates. Investors are expected to closely watch whether the central bank’s next move creates fresh support for gold or keeps pressure on the yellow metal.