Demand for precious metals increased by 40% YoY before Dhanteras

Gold and Silver – Kya Lagta Hai

Short-term View (up to 1 week) – Rebound – Gold needs to sustain above $1700, to see a rebound and start trending higher. Long-term View (3-4months) – Positive – – – Any dips towards 49000 and 52000 should be used as buying opportunities for the target of 52000 and 60000 for Gold and Silver respectively in long-term.

SPOT Prices

SPOT Gold Daily Price Chart
SPOT Silver Daily Price Chart
Important News and Triggers
  • International News – – Gold price remains mildly offered while bracing for the second weekly loss. Even so, fears of recession and firmer yields keep the bears hopeful around the yearly low. The market’s pessimism could be learned from the multi-year high US Treasury bond yields as the benchmark 10-year coupons refreshed 14- year high the previous day, around 4.22% by the press time. Also, the two-year US Treasury yields rose to the highest levels since 2007 before recently taking rounds to 4.62%.
  • Demand – – Demand for precious metals increased by 40% year over year (YoY) before Dhanteras, with gold accounting for 70% of all demand during this holiday season. In comparison to Tier-I cities, the demand for precious metals in Tier-II cities increased by 44%. Precious metal searches in Tier-I cities increased by 34%. Gold, which remained the most in-demand precious metal despite lower prices, saw a 34% (YoY) increase in demand, followed by silver by 140%.


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