Gold traded flat while silver slipped in early trade on Monday as softer crude oil prices reduced expectations of further interest rate hikes by the US Federal Reserve.
On the Multi Commodity Exchange (MCX), gold futures (August 5) opened at Rs 1,47,135 per 10 grams, down Rs 243 or 0.16 per cent from the previous close of Rs 1,47,378.
At around 11 am, the yellow metal was trading at Rs 1,47,177 per 10 grams, down Rs 200 or 0.14 per cent. It touched an intraday low of Rs 1,47,032, down Rs 346 or 0.23 per cent and a high of Rs 1,47,509, up Rs 131 or 0.08 per cent so far.
Meanwhile, silver futures (September 4) opened at Rs 2,36,393 per kg, down Rs 1,017 or 0.42 per cent from the previous close of Rs 2,37,410.
At the last count, the white metal was trading at Rs 2,36,198 per kg, down Rs 1,212 or 0.51 per cent. It touched an intraday low of Rs 2,36,001, down Rs 1,409 or 0.59 per cent, and a high of Rs 2,37,676, up Rs 266 or 0.11 per cent.
However, in the international market, both precious metals traded higher. COMEX gold was up 1 per cent at $4,173.24 per ounce, while COMEX silver gained 2 per cent to $62.29 per ounce.
According to commodity market experts, gold remained steady near a two-week high and continued to trade above its key short-term moving averages, indicating underlying strength.
They said immediate resistance is seen at Rs 1,48,750 per 10 grams, with a breakout above this level likely to accelerate the upward momentum.
Silver, despite opening lower, also continued to trade above its short-term moving average and could move towards the next resistance level of Rs 2,45,184 per kg, the experts said.
Meanwhile, international benchmark Brent crude slipped 0.76 per cent, or 55 cents, to $71.55 per barrel, while US West Texas Intermediate (WTI) crude declined nearly 1 per cent, or 68 cents, to trade below $69 per barrel.
The decline in oil prices came after OPEC+ agreed to raise its production targets for August, easing concerns over global supply shortages.
-IANS
