Silver price today: Outlook for Silver remains weak, but it is looking somewhat oversold currently; hence, caution is warranted in selling
Gold price today: Spot gold is likely to consolidate ahead of the US FOMC monetary policy decision due tonight
As industrial commodities remain under pressure due to lack of China's fiscal stimulus and concerns over trade friction, silver will rely on geopolitical development for its upward traction
Spot gold, at the time of writing this report, was trading nearly 0.77 per cent higher at $2,670, as it extended its rally to the fourth straight day
The Fed cutting rates despite citing strong growth will put the focus back on inflation. The US bonds are quite volatile. Yields are likely to spike again on growth expectations and deficit concerns
Silver rate: The metal is expected to be highly volatile and choppy as this week is packed with crucial data out of both China and the US, and the next week will be about the US presidential elections
Gold Rate Today: Gold is well supported on the US deficit concerns as the US deficit is likely to increase irrespective of the US presidential election results
Spot silver at the time of the MCX closing was trading at $33.67, down around 0.10 per cent on the day.
Silver rate today: Unless we see a sharp decline in gold or copper prices, silver is likely to trade with a bullish bias
If China's stimulus details prove to be convincing to investor community, it is highly likely that gold prices may come under increased downside pressure
Spot gold at the time of the MCX closing was trading at $2624, up around 0.55 per cent on the day. The MCX December Gold contract at Rs 75,152 (LTP) was up nearly 0.30 per cent.
Surging US Dollar Index and tumbling bond prices are acting as headwinds for the metal as the US rate cut pace has become somewhat uncertain in the short term. Dip buying is preferred.
Silver price today: Silver prices crashed to their lowest level since September 19, on Tuesday, as commodities tumbled on multitude of bearish developments
The performance of the metal on Thursday has been encouraging as it managed to rise despite subdued gold prices and tumbling base metals
UBS analysts have raised gold's target to $2,750 per oz by end-2024 (from $2,600 per oz), $2,850 per oz by mid-2025 (from $2,700 per oz), and $2,900 per oz by end-3Q25 (from $2,750 per oz)
Gold hit a fresh record high of $2664 and closed with a hefty gain of 1.09 per cent at $2657.
On Tuesday, silver surged sharply higher on an unexpectedly huge stimulus package announced by China's Central Bank and the Chinese authorities.
Spot silver was extremely volatile in the wake of the US Fed cutting rates by 50-bps at its FOMC meeting concluded on September 18.
With Israel looking to carry out its offensive against Hezbollah to the next level, traders will monitor the evolving situation in Middle East closely for possibility of disruptions to oil supplies.
On Thursday, spot silver rallied to a nearly three-week high on Fed rate cut bets and firmer industrial commodities.