Gold and silver were trading higher in early trade on Wednesday, June 14, ahead of the outcome of the US Fed policy meet later in the day.
MCX Gold was up 0.21 per cent at Rs 29,004 around 10.30 am (IST), while MCX Silver was up 0.49 per cent at Rs 38,961 per 1 kg.
According to SMC Investments and Advisors, bullion counter may trade on volatile path as outcome of FOMC meeting and movement of greenback to give further direction to the prices.
Meanwhile movement of local currency Rupee can also affect the domestic prices. “Gold can move in range of Rs 28,800-29,200 while silver can move in range of Rs 38,600-39,300 in near term,” the brokerage house said.
However, Nirmal Bang Commodities in a research note said, “Gold prices are expected to witness a pullback. One can buy with a stop loss below Rs 28,800. Prices are expected to test 29200.”
Rupee can also affect the domestic prices. “Gold can move in range of Rs 28,800-29,200 while silver can move in range of Rs 38,600-39,300 in near term,” the brokerage house said.
However, Nirmal Bang Commodities in a research note said, “Gold prices are expected to witness a pullback. One can buy with a stop loss below Rs 28,800. Prices are expected to test 29200.”
