Disappointing data out of the US viz retail sales, nonfarm payroll (considering the downward revision done by BLS) and NAHB housing Index are positive for the yellow metal
Gold is expected to trade with a positive bias as buyers have $3,000 (MCX April gold Rs 88,000) level in focus
As long as Silver continues to hold above $30 (Rs 88,000), we look for a target of $35 (Rs 103,000) in the coming months
The metal was trading at $2,906, down nearly 0.40 per cent on the day, whereas the MCX April gold contract was changing hands at Rs 85,540, down nearly 0.32 per cent on the day
Stock Market Highlights on February 5, 2025: Broader markets outperformed the benchmarks, with small-cap shares leading the charge, as the Nifty Smallcap100 index ended higher by 1.85 per cent
Support for Silver is at $31.77 (Rs 94,000) /$31.11 (Rs 92,000). Resistance is $32.55 (Rs 96,300)/$33.45 (Rs 99,000)
Gold rally is being driven more by subdued yields and US Dollar Index rather than safe haven demand
At 6:33 AM, GIFT Nifty futures were up 71 points at 23,856, signaling a higher start for Indian markets
Silver rate today: Given the fact that industrial commodities are struggling, and tariff threats loom large, silver may struggle to extend its rally much further on a sustained basis
Gold rate today: India's budget to be presented on February 1 will be important for domestic gold prices as import duty on precious metals may be increased.
On January 28, spot gold traded between $2730 and $2760 as, once again, it took support at the crucial level of $2730 to extend its recovery following the selloff on January 27
Total known global silver ETF holdings stood at 710.01 MOz, the lowest since September 23, as on January 27
Silver looks vulnerable as industrial commodities are under pressure on Trump's tariff threats
Gold is looking somewhat overstretched at the current level as the US economy continues to do well amid sticky inflation and strong job market
Silver trading strategy: Support is at $30 (Rs 90,200)/$29.60 (Rs 89,000). Resistance is at $31.10 (Rs 93,400)/$31.50 (Rs 94,600)/$31.85 (Rs 95,600)
Gold rate in share market: Recovery in gold prices is being driven primarily by a sharp decline in the US yields and a retreat in the US Dollar Index
Gold price today: Gold is expected to range trade ahead of the US CPI report
Silver rate today: The metal may recover should the US CPI data turn out to be subdued, though upside is likely to be capped
Gold rate today: A weaker-than-expected US job data may help the metal test the crucial resistance in $2,690-$2,700, says analyst at Mirae Asset Sharekhan
Spot gold traded in the range of $2,621-$2,661 on January 2