Gold and silver prices today: Even though gold and silver prices rebounded in trade on Wednesday, the precious metals trade significantly lower from their all-time high levels.
Gold prices trade 6.5% or ₹9,000 down from the all-time high of ₹1,30,874 touched on October 17. At the same time, silver is 12.7% or ₹26,000 down from its lifetime high of ₹1,78,100 reached on October 14.
Investors are now looking ahead to the September non-farm payrolls data, which will be released on Thursday after being delayed due to the recent U.S. government shutdown, as well as the minutes from the Fed’s latest meeting expected later today.
Expectations of further Federal Reserve rate cuts have also strengthened amid indications that the U.S. labour market is weakening. Fed Governor Christopher Waller noted that more companies are discussing potential layoffs as they prepare for slower demand and anticipate productivity gains driven by artificial intelligence.
Gold and silver likely to fall in the near-term?
According to Ponmudi R, CEO – Enrich Money, both domestic and global precious metals have cooled off from their recent highs but continue to hold key structural supports.
“MCX Gold is taking support from its rising channel near ₹1,21,800– ₹1,21,000, with yesterday’s hammer candle reinforcing this demand zone. Immediate resistance is seen at ₹1,23,400 and ₹1,24,000. On COMEX, gold has found support near the $4,000 psychological level and reclaimed its trendline, with $4,085 acting as the next resistance. A breakout above this zone could open the door for an advance toward $4,100–$4,123,” Ponmudi said.
Meanwhile, silver is likely to bounce back to the $52-$53 levels and thereafter move towards the next targets of $58 and $62, with strong support at $47.60, according to an Emkay Wealth Management report.
“Given the relatively higher volatility in silver prices, any further investments into silver may be taken as tactical positions with six months to 12 months of time horizon, with target levels for exit. It expects further strong support levels for silver exist at US$ 45.60 and US$ 42.00, in that order,” the report said.
After a brief correction, silver prices are hovering around US$ 48.80 per ounce, largely due to profit booking and the easing of trade restrictions between the US and China on critical minerals.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
