Now Reading: Gold and silver recover in August after July slump
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Gold and silver recover in August after July slump
After a subdued July, gold and silver rallied sharply in the first week of August. On Comex, gold surged 7.3% to $4,342 an ounce and silver jumped 10.3% to $63.90. In India,…
The Story in Brief
After a subdued July, gold and silver rallied sharply in the first week of August. On Comex, gold surged 7.3% to $4,342 an ounce and silver jumped 10.3% to $63.90. In India, MCX gold rose 5.9% to Rs 1,51,820 per 10 gm, and silver gained 6.6% to Rs 2,31,466 per kg.
The Hindu had earlier reported a negative short-term outlook, with gold vulnerable to $3,750-$3,850. But Hindu BusinessLine says the trend has turned positive after gold broke above Rs 1,47,000 resistance. The data suggests a possible minor correction before further upside.
The Indian Opinion
Two bullion analyses in a week flip from bearish to bullish. The earlier gloom overstated West Asia tensions and US rate fears; the later euphoria may ignore that demand hasn't changed. For the small Indian investor, the real test is whether gold holds above Rs 1,47,000 and silver above Rs 2,27,000. If those supports break, the rally was just a short squeeze.
Sources (2): thehindu.com, thehindubusinessline.com
This story was synthesised by AI from the 2 sources linked above.
