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Gold and Silver Prices Today, September 15: Domestic gold and silver futures declined on Monday as investors awaited the outcome of a key Fed meeting this week while caution persisted about the impact potential global risk factors such as geopolitical tensions and trade-related uncertainties. On MCX, gold futures (October 3) declined by as much as Rs 470, or 0.4 per cent, to Rs 1,08,900, while silver futures (December 5) dropped by Rs 1,717, or 1.3 per cent, to Rs 1,27,121. 

Both contracts were not far from their all-time highs of Rs 1,09,840 and Rs 1,29,392 registered last week. 

At 5:15 pm, gold and silver futures were at Rs 1,09,049 and Rs 1,28,546, down 0.3 per cent and 0.2 per cent, respectively. 

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Many analysts anticipate weaker-than-normal demand for the yellow metal this festive season with record-high prices coming in the way of robust jewellery purchases.

Festive months of October-Febroary typically see a rise in demand for gold in key jewellery markets across India, the world's second-largest gold consumer.

The rupee strengthened by six paise to close at 88.20 against the US dollar, helping precious metal futures avoid lower levels. 

Weakness in the rupee tends to support domestic precious metal rates as it increases the import costs of gold and silver.

"Gold prices are driven by safe-haven demand amid uncertainty due to higher US trade tariffs... The gold silver ratio (GSR) is at 86, and if starts sustaining below 85, it could give more power to silver prices in the coming sessions. Silver crossed its major resistance of $42 per troy ounce last week. We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, geopolitical tensions, and FOMC meetings," said Manoj Kumar Jain, director at Prithvi Finmart.

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Gold is expected to trade in the range of $3,534-3,800 per troy ounce and silver in the range of $41.40-44.50 per troy ounce this week, said Jain.

He sees support for gold at Rs 1,09,000-1,08,440 and resistance at Rs 1,09,850-1,10,200 and support for silver at Rs 1,27,700-1,26,650 and resistance at Rs 1,29,500-1,30,300. 

"We suggest buying silver on dips around Rs 1,28,000 with a stop loss at Rs 1,26,600 for a target of Rs 1,30,300," added the analyst. 

ALSO READ: Gold Loans Shine: 2.2x growth far outpaces retail credit as collateral becomes more precious City24K22KPuneRs 1,12,609 Rs 1,03,225DelhiRs  1,18,465 Rs 1,08,593ChennaiRs  1,16,016Rs 1,06,349KolkataRs  1,16,016 Rs 1,06,349BengaluruRs  1,16,016 Rs 1,06,349MumbaiRs  1,12,609 Rs 1,03,225

Please note: These are indicative rates for reference only. Actual rates may vary.

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