Now Reading: Gold and silver retreat after sharp rally, outlook stays volatile
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Gold and silver retreat after sharp rally, outlook stays volatile
Gold and silver retreat after sharp rally, outlook stays volatile
Gold and silver gave back intraday gains on Thursday after a strong recent rally, with profit-taking and a firmer US dollar weighing on international prices, LiveMint reports. MCX near-month gold eased to…
The Story in Brief
Gold and silver gave back intraday gains on Thursday after a strong recent rally, with profit-taking and a firmer US dollar weighing on international prices, LiveMint reports. MCX near-month gold eased to Rs 1,48,500 per 10 grams after briefly crossing Rs 1.50 lakh, while silver fell to Rs 2,24,322 per kg. The Times of India reported Delhi gold at Rs 1,53,800 per 10 grams and silver at Rs 2,34,800 per kg, citing weaker oil prices, lower US Treasury yields and a softer dollar as earlier supports.
Technical analyst Abhilash Koikkara of Nuvama sees further upside, placing gold’s weekly target at Rs 1,52,000 and silver’s at Rs 2,38,000. Those levels depend on support holding at Rs 1,42,500 for gold and Rs 2,20,000 for silver. Global direction may hinge on US jobs data, interest-rate expectations and developments around the Strait of Hormuz.
The Indian Opinion
The easy story is that gold can only rise because it is a safe haven, or that one profit-taking session ends the rally. Both claims are too neat. The reported domestic prices differ across cities and contracts, while dollar moves, yields, oil and geopolitical news can quickly change direction. Technical targets are useful for traders, not promises for households buying jewellery or investors chasing momentum. The next US jobs report and a sustained close below the stated support levels will offer a better test than any headline forecast.
Sources (3): timesofindia.indiatimes.com, timesofindia.indiatimes.com (2), livemint.com
This story was synthesised by AI from the 3 sources linked above.
Updated: this story now draws on 3 sources.
