Gold at ₹1.53L on MCX, silver dips amid global rally
Business
Gold and silver prices on MCX dipped a bit on Wednesday, with gold at about ₹1.53 lakh per 10gm and silver dropping below ₹2.5 lakh per kilogram.
Globally, gold's been climbing for five days straight thanks to a weaker dollar and less worry about inflation.
Analysts: gold struggling below ₹1.54-1.55L
Cheaper crude oil and hopes for a U.S.-Iran deal have helped calm inflation fears, making big interest rate hikes less likely.
Still, analysts say gold is struggling to break past the ₹1.54 to ₹1.55 lakh resistance zone right now.
All eyes are on the US Federal Reserve's next move: its policy update could shake up both gold and silver prices soon.