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 – – Precious metal prices dropped over 1% to a three-week low on Wednesday as the U.S. dollar and Treasury yields rose, further pressured by prospects of aggressive rate hikes from the Federal Reserve. But physical investment has improved at these lower levels.
- Economic Data – – The market continues to be quite worried about aggressive Federal Reserve monetary tightening. Several Fed officials have reiterated the U.S. central bank’s commitment to raise interest rates aggressively to battle surging inflation, with markets pricing in a 75-basis-point hike in November.
- Demand – – Physical gold buying improved in India this week as prices cooled ahead of the Dhanteras and Diwali festivals this month, while Chinese premiums stayed elevated amid robust demand.
Disclaimer
