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Gold price today: Yellow metal edges lower after US Fed slash rates by 25 bps

Experts suggest that Gold prices could retest Rs 37,500-37,400 per 10 grams. Silver prices are also expected to remain soft and could retest Rs 46,500-46,200 post the US Fed verdict.

Gold prices edged lower in the futures trade on September 19 after the US Federal Reserve cut interest rates but delivered mixed signals about its next move. The Yellow metal weakened for the third consecutive day in a row to trade below Rs 37,600 per 10 grams. Around 0910 hours, MCX Gold traded at Rs 37,829 per 10 grams, down Rs 187, or 0.49 percent on September 19.

It closed 0.44 percent, or Rs 167 lower, at Rs 37,849 per 10 gram on September 18. Experts suggest that Gold prices could retest Rs 37,500-37,400 per 10 grams. Silver prices are also expected to remain soft and could retest Rs 46,500-46,200 post the US Fed verdict.

Gold prices were steady in the international market on September 18, but correct around 0.44 percent at MCX due to 1 percent gain in the rupee. Gold slipped below its crucial support placed at Rs 37,800 ahead of the FOMC meeting. "The US Federal Reserve slashed interest rates by 25 basis points but split view on further rate cuts. Spot Gold in the international market slipped below $1500, and we expect it could test support levels of $1484-1480," Manoj Kumar Jain, Director at IndiaNivesh Commodities Pvt. Limited told Moneycontrol.

"At MCX, prices are expected to remain soft and could test the next support placed at Rs 37,500-37,400 per 10 grams. Going forward, Rs 38,050 act as major resistance and only sustain above will give strength," he said. Silver prices also corrected by more than 1 percent and tested a low of Rs 46,274 in intraday trade on September 18. Jain opined that post the outcome of the US Fed meeting, we expect silver prices to remain soft and could test Rs 46,500-46,200 levels on September 19. The level of Rs 47,100 is likely to act as a major resistance for Silver and only sustenance above could give further strength.

Courtesy - Moneycontrol

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