Gold Prices In India: After gaining for fifth consecutive week, gold prices are likely to shine during the trading week of October 7-11, with prices ranging from Rs 73,000 to new all-time high levels of Rs 78,000. Also, 1kg silver prices are likely to range from Rs 91,000 to Rs 96,000 levels. The ongoing Middle East war is one of the core fuel to the attractiveness of gold and silver. A host of key economic indicators will be announced this week including CPI inflation and FOMC minutes, which are among the factors to influence precious metals.
Gold, Silver Prices Weekly Outlook:
In its latest report, SMC Global Securities said, the ongoing conflict in the Middle East has intensified, with markets closely watching developments after US President Biden stopped short of condemning potential Israeli actions against Iran. Tel Aviv has also threatened retaliation while stepping up its activities in Beirut against Hezbollah.
Also, the brokerage's note added that despite gold's strong momentum, robust US labour market data released earlier this week has somewhat capped its upward trajectory. The ISM report showed that the US services activity in September grew at its fastest rate in over a year, suggesting a resilient economy.
Additionally, SMC's report said, ADP data revealed stronger-than-expected private-sector job growth, reinforcing the positive outlook painted by the JOLTS report. These indicators have reduced the urgency for the Federal Reserve to implement more accommodative monetary policies.
At present, markets are pricing in about a 65% chance that the Fed will introduce a modest 25-basis point rate cut in November, which may influence the direction of gold prices, as per SMC's note.
Looking ahead, for the October 7-11 week, SMC's note said, " On the COMEX, gold is trading near $2,690, with a potential rally to $2,780-$2,820 if it breaks through the $2,720 resistance. However, failure to hold above $2,720 could see a decline back to $2,650. Silver, meanwhile, may trade within a range of $31.00 to $34.00."
For MCX precious metals, SMC's note said, " On the MCX, gold is expected to maintain its positive momentum, with support near ₹74,800 and resistance around ₹78,100. Silver is also likely to see buying from lower levels, with an expected trading range of ₹91,400 to ₹98,000."
Gold Price In India: Gold price in 22K of 10 grams is priced at Rs 71,190, while 24K gold is available at Rs 77,660 per 10 grams. Further, 10 grams of 18K is available at Rs 58,250 as of October 6, 2024.
MCX Gold, Silver Prices: Last week, on Friday, MCX gold price with December expiry ended at Rs 76,190, up marginally at the exchange. The gold futures touched a new high at Rs 76,630 per 10 grams on October 4th. Meanwhile, MCX silver price with December expiry, closed at Rs 93,500, up Rs 151 on Friday. The silver futures touched over Rs 95,300 levels during the trading session of October 4.
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