In the last one week, gold prices have risen by Rs 1,900 per 10 grams, while silver has risen by Rs 2,350/kg at the same time.
Gold held firm on Friday after hitting a record high in the previous session on rising expectations of another big US interest rate cut this year, as market participants awaited a key inflation report for get more guidance.
In the international market, spot gold remained stable at $2,670.50 per ounce, at 0028 GMT. Gold hit an all-time high of $2,685.42 on Thursday, while silver hit its highest level since December 2012 at $32.71 an ounce.
Silver bullion Prices have risen more than 29% so far this year, breaking record levels several times on hopes of US rate cuts, safe-haven demand and strong central bank buying.
Meanwhile, silver prices have hit their highest level in more than a decade thanks to bullion’s stellar bull run and China’s stimulus measures, although some analysts expect the rally to fade as demand from the sector industrial remains a concern. -A one basis point rate cut at its latest policy meeting and traders see a 51% chance of another half percentage point cut in November, Reuters said in a report. Today, the US Dollar Index, DXY, was hovering near the 100.66 mark, gaining 0.14 or 0.14%.
Lower interest rates reduce the opportunity cost of holding bullion, which is also considered a safe asset during economic and political turmoil. Furthermore, high demand from central banks and geopolitical tensions have pushed gold prices up even further. The central bank’s inflation data, due out today, could influence future rate cuts.
“The daily chart of MCX Gold October futures reveals a solid uptrend, with prices moving above an ascending trend line and consistently forming higher highs and higher lows. The price is also trading above the 21-day exponential moving average (EMA), highlighting the ongoing uptrend. Furthermore, the RSI is showing a positive divergence, reinforcing the bullish outlook. Key resistance levels are located at 75,700 and 76,000, while important support zones are marked at 74,950 and 74,500,” said Neha Qureshi, senior technical and derivatives analyst at Anand Rathi Commodities & Currencies.
Neha Qureshi Intraday Trading Strategy
- Buy MCX October Gold Futures at Rs 75,400 with a stop loss of Rs 74,900 and a target price of Rs 76,000
- Buy MCX December Silver Futures at Rs 92,700 with a stop loss of Rs 91,700 and a price target of Rs 94,700
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.