Gold and silver prices opened lower in India on Thursday, following the latest policy announcement by the US Federal Reserve. The decision to cut interest rates strengthened the US dollar, putting pressure on precious metal prices globally.
On the Multi Commodity Exchange (MCX), gold futures dropped below Rs 1.19 lakh, opening at Rs 1,19,125 per 10 grams, compared to the previous close of Rs 1,20,666. Similarly, silver futures declined by more than 1%, opening at Rs 1,45,498 per kilogram, down from the previous session’s Rs 1,46,081.
The fall in bullion prices comes as investors adjust their portfolios after the Fed’s rate cut decision, which typically reduces the appeal of non-yielding assets like gold. Analysts expect near-term volatility in the market as traders assess the Fed’s impact on inflation and currency trends.
Experts suggest that gold may find support near Rs 1,18,800, while resistance is seen around Rs 1,20,000 per 10 grams. Silver, on the other hand, may trade between Rs 1,44,000 and Rs 1,47,000 in the short term.
