Praveen Singh

Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, said oil prices fuelled inflation concerns and increased expectations of higher interest rates.

Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, said elevated expectations of a Fed rate hike are bearish for the metal, but the downside is expected to remain limited

Hawkish Fed commentary and escalation in the US-Iran conflict will keep silver under pressure in the short term. The white metal is quite oversold but can extend its decline to test key support at $54

The US Fed chief Warsh's hawkish stance and rate hike worries due to Middle East tensions would keep Gold prices under pressure.

Silver is expected to be highly volatile and choppy in the short run due to the evolving situation in West Asia. However, as West Asia conflict is likely to remain contained, traders may buy the dips.

Gold prices are expected to remain volatile and choppy amid uncertainty over situation in the Middle East, may trade in the range of $4,000-$4,200 for now.

Gold is expected to trade with a positive bias in near-term, and can extend its advance to $4,200 level in the coming weeks. Upside will remain capped unless the rate hike probability comes down furth

Silver prices rebounded on Warsh's remarks in the ECB panel discussion on July 1, and a weaker-than-expected nonfarm US payroll report for June.

Gold price outlook: In the near term, gold can slide further. A test of support around $4000 is possible, while an extended decline to $3800 cannot be ruled out.

Silver was trading at $66, down 7.78 per cent from June 17 high of $71.57.

According to Praveen Singh, head of commodities at Mirae Asset Sharekhan, silver is expected to continue to remain under pressure unless a US-Iran deal is formally announced

A firmer dollar, rate hikes by central banks, ETF outflows, and elevated yields are likely to keep the yellow metal under pressure. China's demand is not too strong either

In near-term, the metal is expected to be under pressure unless oil prices come down on sustainable basis

Gold ETF flows remain uninspiring, as investors continue to be deterred by elevated volatility and the prospect of higher interest rates

Gold's trajectory continues to depend on oil prices as traders remain fixated on rate moves. High oil prices are supporting the US Dollar and increasing the probability of rate hikes

In the present scenario, upside in silver is expected to remain capped barring clear and material developments aiding constructive US-Iran negotiations

Gold is expected to range trade with a bearish bias with a possible test of $4600 unless the US and Iran make material progress towards resolving the conflict through diplomatic channels.

Silver can test support around $72 should bears take out the key level of $74.50. Upside may be capped at around $79 for a very short term

On April 14, silver prices surged to $80.85 -- the highest since March 13 -- on Iran peace hopes before erasing gains as the US Dollar stabilised

Gold may rise to $5000 in the short term, though a sustainable extension of the ongoing rally, which has been in place from the cycle low of $4099, will call for an increase in the safe haven appeal