Gold traded higher on MCX on September 16 amid a rise in the US dollar and bond yields ahead of the monetary policy decision of the US Federal Reserve. October gold futures rose 0.57% to Rs. 1,51,670 per 10 grams, while September silver futures advanced 1.33% to Rs. 2,35,195.
Meanwhile, Brent crude futures fell 0.74% to USD 107.9 per barrel. US West Texas Intermediate (WTI) edged lower by 1.09% to USD 104.7per barrel.
The CME FedWatch Tool indicates a 92.3% probability of a 25-basis-point rate hike by the Federal Reserve later today.
24K gold rose by Rs. 27 to Rs. 1,53,440 per 10 grams, while 22K gold also advanced by Rs. 25 to Rs. 1,40,650. By city, Mumbai and Kolkata mirrored prices at Rs. 1,53,440, while Delhi was at Rs. 1,53,590 and Chennai at Rs. 1,53,440.
US gold prices rose on Wednesday as oil prices eased, while the market awaited the US Federal Reserve's policy decision, with a rate hike largely priced in.
Spot gold was up 0.8% at USD 4,328.39 per ounce. US gold futures for December delivery were down 0.9% at USD 4,369.50.
Spot silver rose 1.5% to USD 64.60 per ounce, platinum edged 0.7% higher to USD 1,788.25, while palladium gained 1.6% to USD 1,309.80.
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“A hawkish Fed could pull gold down, while any soft messaging may ease bets on hikes and help the metal recover. Traders are also monitoring oil prices and developments in the Middle East," said Frank Walbaum, a market analyst at trading platform Naga.com.
Internationally, gold has support at USD 4,310-USD 4,264 per troy ounce, with resistance at USD 4,355-USD 4,400. For silver, support is seen at USD 63-USD 62.20 and resistance at USD 64.40-USD 65.50 per troy ounce.
On MCX, gold has support at Rs. 1,50,150-Rs. 1,49,400 and resistance at Rs. 1,51,500-Rs. 1,52,200, while silver has support at Rs. 2,30,000-Rs. 2,27,700 and resistance at Rs. 2,34,400-Rs. 2,37,000.