Gold and silver prices today continue to drift down.
Gold and silver prices today: Gold opened on the Multi Commodity Exchange (MCX) on Friday at Rs 56,735 per 10 grams and hit an intraday low of Rs 56,680. In the international market, prices hovered around $1,822.77 per troy ounce. Meanwhile, silver opened at Rs 66,886 per kg, hit an intraday low of Rs 66,825 on the MCX, and hovered around $20.99 per troy ounce in the international market.
Gold and silver prices today SUMMARY
- Gold opens on MCX on Tuesday at Rs 57,426 per 10 grams
- Silver opens on MCX at Rs 69,255 per kg
- MCX Gold December has strong support at 57700/57350 and resistance at 58250/58600
Gold and silver prices today: Spot gold consolidated its recent steep losses to end nearly $2 lower at $1,821. That the commodities ended lower despite a pullback in the US Dollar Index and the US yields indicates the downside pressure in the commodities complex.
Praveen Singh, Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas, says, “Spot gold slipped below the key support at $1,815 but recovered on the U.S. Dollar weakness. Total known global gold ETF holdings fell again on October 4 indicating poor investment demand for the metal.”
Gold prices continued to drift lower in the last session and made a new seven-month low in the domestic market, i.e., 56,500 level. 
Gold and silver prices today: “As expected, gold prices corrected sharply by 0.20 per cent yesterday and closed at seven-month low of 56,608 on the back of strength in the dollar index. The Dollar Index is trading [high] and it is putting pressure on gold as demand is shifting from gold to dollar,” said Anuj Gupta, Head of Commodity and Currency at HDFC Securities
Deveya Gaglani, Research Analyst–Commodities, Axis Securities, said, “On the daily chart, it has formed a red candle and has closed below 20 and 9 EMA. Rising bond yields and strong dollar indexes have dented precious metals sentiment. The near-term trend is looking unfavourable for prices. Traders will await Non-farm payroll data this evening, which may impact Fed monetary policy and influence Gold prices. All in all, strong support is placed around the 56500 level as long as the mentioned level is intact. On the downside, we expect Gold prices to trade between the 56,500 and 57,000 levels.”
Gold and silver prices today: Gold and silver prices slipped on Monday on the Comex as the domestic market was shut.
Manav Modi, Analyst of commodity and currency Motilal Oswal Financial Services, says, “The dollar index has risen from a low of 99.60 to more than 107, i.e., 7.5% in around two months, in a similar time frame US 10-year yields also moved from 3.7% to 4.7%.”
In the past few weeks, US Fed officials’ comments have also taken a significant turn as after a hawkish pause, expectations for further rate hikes by the Fed have increased, moving away from the narrative of a pause in monetary policy tightening.
Gold and silver prices today: Fed officials say monetary policy will need to stay restrictive for “some time” to bring inflation back down to its 2% target, but their unity around that phrase masks an ongoing debate over another possible rate hike this year.
Modi says, “US manufacturing took a step further towards recovery in September as production picked up and employment rebounded. On one end, UAW strikes have stirred some volatility in the market, but US lawmakers passed short-term deals to avoid a government shutdown and [that] supported an up-move in the Dollar index. Focus now shifts to US job opening and India manufacturing data.”
Gold and silver prices today: Anuj Gupta, Head of Commodity and Currency at HDFC Securities, believes gold prices will likely extend their fall after the price broke support at $1880. Comex Spot Gold has immediate strong support at $1850 and resistance at $1893. MCX Gold December future has resistance at 58600 and supports at 57980/57700 for the day.
“We anticipate the gold price likely to recover from the support level of $1850 next week, and the price can bounce back towards the 1893–1910 level next week. MCX Gold December has strong support at 57700/57350 and resistance at 58250/58600. The price is expected to trade in this range next week. Buy Gold December contract at 57700 TGT 586000 SL 57350. Bullish momentum in silver is likely to continue next week. Buy Silver Dec future at 71500-71600 for Target 73400/74000 Keep Stop Loss 70700,” added Gupta.
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