Praveen Singh is an associate vice president of fundamental currencies and commodities at Sharekhan by BNP Paribas.
Praveen Singh is an associate vice president of fundamental currencies and commodities at Sharekhan by BNP Paribas.
Weaker dollar, geopolitical concerns over Ukraine peace process, economic and political concerns due to Trump's tariff plans and softer yields are positive for the metal
Silver may decline a bit, though downside is likely to be limited
Silver is expected to push higher should gold rise to record highs. The grey metal is up around 15 per cent this year
Disappointing data out of the US viz retail sales, nonfarm payroll (considering the downward revision done by BLS) and NAHB housing Index are positive for the yellow metal
Gold is expected to trade with a positive bias as buyers have $3,000 (MCX April gold Rs 88,000) level in focus
As long as Silver continues to hold above $30 (Rs 88,000), we look for a target of $35 (Rs 103,000) in the coming months
The metal peaked at $32.25 in the Asian session and slumped to $31.25 in the US session before recovering sharply in the wake of the Fed Chair Powell's speech
The metal was trading at $2,906, down nearly 0.40 per cent on the day, whereas the MCX April gold contract was changing hands at Rs 85,540, down nearly 0.32 per cent on the day
Support for Silver is at $31.77 (Rs 94,000) /$31.11 (Rs 92,000). Resistance is $32.55 (Rs 96,300)/$33.45 (Rs 99,000)
Gold rally is being driven more by subdued yields and US Dollar Index rather than safe haven demand
Silver rate today: Given the fact that industrial commodities are struggling, and tariff threats loom large, silver may struggle to extend its rally much further on a sustained basis
Gold rate today: India's budget to be presented on February 1 will be important for domestic gold prices as import duty on precious metals may be increased.
On January 28, spot gold traded between $2730 and $2760 as, once again, it took support at the crucial level of $2730 to extend its recovery following the selloff on January 27
Total known global silver ETF holdings stood at 710.01 MOz, the lowest since September 23, as on January 27
Silver looks vulnerable as industrial commodities are under pressure on Trump's tariff threats
Gold is looking somewhat overstretched at the current level as the US economy continues to do well amid sticky inflation and strong job market
Silver trading strategy: Support is at $30 (Rs 90,200)/$29.60 (Rs 89,000). Resistance is at $31.10 (Rs 93,400)/$31.50 (Rs 94,600)/$31.85 (Rs 95,600)
Gold rate in share market: Recovery in gold prices is being driven primarily by a sharp decline in the US yields and a retreat in the US Dollar Index
Gold price today: Gold is expected to range trade ahead of the US CPI report
Silver rate today: The metal may recover should the US CPI data turn out to be subdued, though upside is likely to be capped