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Praveen Singh is associate vice president of fundamental currencies and commodities at Sharekhan by BNP Paribas.
Praveen Singh is associate vice president of fundamental currencies and commodities at Sharekhan by BNP Paribas.
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
Spot gold crashed to breach the crucial support around $2620 on Tuesday as commodities witnessed across-the-board selling.
Gold price today: Gold prices are expected to be highly volatile on geopolitical worries and crucial nonfarm payroll report.
The performance of the metal on Thursday has been encouraging as it managed to rise despite subdued gold prices and tumbling base metals
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.
US yields and the US Dollar Index surged on no recession talks, which sent the yellow metal to $2547 in today's Asian session.
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.
Spot gold was trading with a loss of around 0.45 per cent at $2,570 at the time of the MCX closing. The MCX October gold contract closed at Rs 73,150 (LTP), down 0.49 per cent.
Silver price outlook by Sharekhan: Silver has got many supporting factors to push it higher as the Fed begins slashing rates.
On Thursday, spot silver rallied to a nearly three-week high on Fed rate cut bets and firmer industrial commodities.
After consolidating in the $2470-$2530 range for nearly three weeks, spot gold rallied to a fresh record high of $2555 on Thursday.
Spot silver was steady around $28.30 at the time of the MCX closing. The MCX December silver contract at Rs 73,700 was up around 0.07 per cent.
Spot gold was trading with a gain of around 0.20 per cent at $2514 at the time of the MCX closing. The MCX October gold contract at Rs 71,903 (LTP) was up 0.38 per cent.
Silver futures had gained 2 per cent in Thursday's trading session amid rise in the US yield.
Spot gold was trading with a gain of 0.78 per cent at $2,515 at the time of the MCX closing. MCX October gold was at Rs 71,948 (LTP), up 0.67 per cent on the day