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.
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.
Technical charts suggest that the bias for Gold is likely to remain positive as long as Rs 73,100 holds; while in case of Silver the bullish pivot stands at Rs 89,000.
After consolidating in the $2470-$2530 range for nearly three weeks, spot gold rallied to a fresh record high of $2555 on Thursday.
Crude oil strategy, Sept 12: WTI crude oil rice may fall to $65 in medium-term
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.
Oil recorded its first back-to-back monthly decline amid signs of sluggish demand in China and the United States raised concerns about future consumption growth.
Brent crude, WTI oil trading strategy today, Aug 27: We expect oil prices to face immediate resistance of $80 and the rally would find it difficult to sustain above it
Crude oil outlook today, Aug 20: Oil prices tumbled to two-week lows on Tuesday morning in Asian trade with WTI future trading down 0.4 per cent