As traders remain hopeful about further improvement in the global trade scenario, upside in the metal may be limited in the near term, says Praveen Singh
The metal may test $3372-$3400 resistance zone. Upside is likely to be capped at $3400 in the short-term
Silver is up nearly 17 per cent since its cycle low of around $28.15 made on April 4. Although it is lagging gold, it is up around 14 per cent year-to-date (Y-T-D)
On April 24, spot gold traded between $3,288 and $3,367 as the metal recouped some of its huge loss that occurred due to sell-off on April 22 and 23
Spot gold surged solidly higher on safe haven demand as trade war intensified with the Trump Administration looking into imports of computer chips, chip making equipment and pharmaceuticals
Oil prices: The 90-day relief on reciprocal tariffs could see crude oil prices edging a bit higher towards $65. However, overall, we expect prices to trade range bound between $65-$58
Oil has dropped 20% to a four-year low since Trump took office-but that still doesn't make it a bargain
Support is at $2947 (MCX June contract ₹86,300) /$2900 (₹85,000). Resistance is at $3050 (₹89,300)/$3100 (₹90,800)
Silver has been subjected to intense selling pressure due to its industrial attribute. Nearly 64 per cent of the total demand for the metal is industrial, says Praveen Singh of Mirae Asset Sharekhan
On April 3, spot gold, buoyed by renewed safe haven demand due to unexpectedly high reciprocal tariff rates that pose a risk to the global trade and economy, soared to a fresh record high of $3,167.84
Gold rallied 19 per cent in the first quarter as it was up around 2 per cent last week-its fourth straight weekly gain.
Silver prices rose nearly 18 per cent in Q1 2025 as the it rallied around 3 per cent last week.
On March 27, spot gold rose to a fresh record high of $3,059 on safe haven demand coming on US imposing auto tariffs. A weaker dollar also boosted the yellow metal
The oil fundamentals have swiftly moved into bullish zone amid fear of sanction on Iran and Venezuela getting stricter from the Whitehouse, Crude oil and gasoline prices on Monday
The MCX May silver contract at Rs 99,381 was down around 0.5 per cent. Silver reached $34.23, its cycle high on March 18, before giving back some of its gains
Gold Rate Today: FOMC rate decision, due tonight, will be crucial for commodities. The Fed is expected to keep the overnight Fed Fund rates unchanged at 4.25 per cent-4.50 per cent with a hawkish tilt
Silver Rate Today, March 19: There may be some profit booking ahead of the US FOMC policy decision as the Central Bank may opt for a hawkish pause
Silver price: 360 ONE Silver ETF opened for subscription today, March 10, 2025, and will end on March 20, 2025. The scheme will reopen for continuous sale and repurchase from March 28, 2025
Gold Rate Today: Dip buying in Gold is the preferred trade as the yellow metal is expected to reach $3,000 in the coming weeks.
Silver Rate Today: Weakening of the US Dollar, economic and political concerns globally, and huge fiscal stimulus in China and Europe are positive for Silver prices