Gold and silver prices edge higher amid weak dollar

Gold contracts were trading 0.44 percent higher on the Multi-Commodity Exchange (MCX) at Rs 52,683 for 10 grams

FPJ Web DeskUpdated: Thursday, November 24, 2022, 10:36 AM IST
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Gold-Silver prices in India | Agencies

Gold contracts were trading 0.44 percent higher on the Multi-Commodity Exchange (MCX) at Rs 52,683 for 10 grams at 10:17 a.m today. Silver increased by 0.94 percent to Rs 62,211 per kg.

The Federal Reserve's most recent meeting's minutes revealed that an increasing number of members backed a slower pace of interest rate hikes, which helped gold and silver prices rise and close above critical levels on Thursday.

US gold futures advanced 0.5% to $1,754.30.

As flash manufacturing and services PMI data fell into contraction territory, precious metals prices soared into positive territory.

Gold has support at Rs 52,370-52,240, while resistance is at Rs 52,680, 52,850. Silver has support at Rs 61,050-60,580, while resistance is at Rs 62,050–62,480. Gold has support at $1744-1734 while resistance at $1764-1774. Silver has support at $21.35-21.22, while resistance is at $21.78-21.95.

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