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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.
Gold outlook: Spot gold continues to find robust support from a confluence of macroeconomic factors, chief among them being the rapidly deteriorating fiscal landscape in major economies.
Praveen Singh, head of currencies and commodities at Mirae Asset Sharekhan, recommends buying on dips rather than chasing the rally. He also advises closely monitoring the geopolitical situation
Praveen Singh, head of currencies and commodities at Mirae Asset Sharekhan, has shared his outlook for the yellow metal
In ultra short-term, spot silver is likely to be under pressure on reduced safe haven demand and a firmer US Dollar
Gold is under pressure from geopolitical factors as traders expect that the US-driven peace efforts may lead to a breakthrough in the Ukraine war talks
Silver trading strategy: Healthy risk appetite on US-China trade truce extension and surging risk assets would continue to support the metal into the dips.
Gold trading strategy: In the near-term, safe haven demand is somewhat subdued due to US-China trade truce extension and hopes from the upcoming US-Russia meeting in Alaska.
Gold faces a strong resistance at $3420 (₹102,300 at INR/USD rate of ₹87.43) as posed by the 4-month-old trendline.
Silver rally is primarily being driven by risk sentiments as expectations of rate cuts buoy the risk assets. Another supporting factor is healthy ETF inflows.
President Trump said that US tariffs on semiconductor and pharmaceutical imports would be announced within the next week or so. Tariffs of pharmaceuticals could be as high as 250 per cent.
Gold/Silver ratio at 89.96 has recovered nearly 5 per cent after it reached a seven-month low at 85.88 on July 14.
Considering the US GDP data, weekly job report, hot PCE report and calm in the wider markets despite tariffs, gold is susceptible to further decline in the near-term, says Praveen Singh of Mirae Asset
Silver is well-supported by strong ETF inflows, but a firm dollar and trade news flow pose a risk to the metal prices, analyst says
Gold price outlook: The yellow metal price is likely to be influenced primarily by the US Dollar Index and tariff news flow
Gold outlook: The yellow metal is likely to range-trade unless and until major breakthroughs in trade deals happen, or tariff tensions are ratcheted up further
Silver trading strategy: The metal, at the time of writing, was trading at $36.75, up 1 per cent on the day, while the corresponding MCX Silver contract, gaining 1.45 per cent was noted at ₹1,08,825
Silver trading strategy: At the time of writing this article, spot silver was changing hands at $36.42, down around 1 per cent on the day
Gold rate outlook: At the time of writing this report, both spot gold and the MCX August gold contract were down by 1 per cent on the day. The spot gold was hovering around $3,295
Silver price outlook: On July 3, spot silver traded between $36.34 and $37.07. At the time of writing, the gray metal was trading at 36.85, up around 0.82 per cent on the day
Gold prices are caught between the impact of strong US data and the possibility of trade friction as trade negotiations continue