Fundamental News and Triggers
Gold and Silver rise despite potential end to US shutdown
- Gold and silver continue to strengthen, as risk sentiment is supported by the possible end to the longest government shutdown in US history. A weaker dollar and the anticipation that the U.S. government’s reopening and the flow of economic data will boost chances for a Federal Reserve interest rate cut next month are further factors supporting it.
- Following a record-length closure that has delayed the release of government economic statistics, hampered air traffic, left hundreds of thousands of federal workers unpaid, and interrupted food benefits for millions, the U.S. Senate reached an agreement Monday to restore federal funding.
- On Monday, Fed Governor Stephen Miran stated that a rate drop of 50 basis points would be suitable for December, pointing out that the unemployment rate is gradually rising while inflation is declining.
Technical Triggers
- Gold prices have achieved the target of $4150 (~Rs 125,000). Prices are expected to consolidate here for a while before moving higher.
- Silver prices have achieved the target of $50.80 (~Rs 155,000). Prices are expected to consolidate here for a while before moving higher
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