From mint · Dhanya Nagasundaram · · 1m 40s
Gold and Silver Outlook for Navratri Week
Traders watch dollar, yields, and Middle East tensions as gold and silver prices rebound during Navratri week.
In brief
Traders watch dollar, yields, and Middle East tensions as gold and silver prices rebound during Navratri week. Gold and silver prices rebounded this week as dollar eased and rupee weakened, but silver remains technically weaker than gold. Originally reported by mint.
Gold and Silver Prices Rebound
Gold and silver prices recovered late in the week as the dollar and US Treasury yields eased, with a weak rupee offering domestic support.
Gold's Technical Outlook
Gold's technical outlook is mildly positive, while silver remains weaker, with both metals recovering from earlier declines.
Key Price Movements
On Friday, MCX gold futures rose ₹ 1,893 or 1.27% to ₹ 1,51,503 per 10 grams, while silver traded at ₹ 2,25,820 per kg.
Why Prices Recovered
The recovery followed easing US Treasury yields and a softer dollar, which offset concerns over persistent inflation and potential Fed rate hikes.
Rupee's Role
The rupee's weakness near record lows provided additional support to bullion prices by making dollar-denominated commodities more expensive.
Gold Support and Resistance
Immediate resistance for gold is ₹ 1,52,000, ₹ 1,52,600, with support at ₹ 1,50,000, ₹ 1,50,700.
Silver's Technical Weakness
Silver's technical trend remains weaker than gold's, with the MACD indicator still negative and a doji-like structure on weekly candles.
Silver Support and Resistance
Immediate resistance for silver is ₹ 2,28,000, ₹ 2,29,000, with support at ₹ 2,23,000, ₹ 2,24,000.
What Traders Should Watch
Traders should monitor dollar movements, US Treasury yields, inflation data, Fed expectations, and Middle East tensions for next week's gold and silver prices.
The takeaway
Gold and silver prices rebounded this week as dollar eased and rupee weakened, but silver remains technically weaker than gold.
