Gold price jumped to Rs 95,090 per 10 gram, its fresh all-time high, on April 16 before paring some gains
So far this year, international gold prices have risen over 32.5 per cent, marking the highest increase since 1979, while silver has advanced 37.5 per cent. On the domestic front, MCX gold has climbed 23.6 per cent and MCX silver 32.9 per cent — their biggest gains since 2020.
Investors are concerned about a banking contagion and are seeking safety in gold.
The biggest gold loan companies are facing competition from banks and fintech companies.
At MCX, Gold has a support at Rs48,987–48,649, while resistance is placed at Rs49,550–49,775 and silver has support at Rs62,978-62,222, while resistance is at Rs64,213–64,692,
Experts are of the view that investors can buy the precious metal on dips near Rs 48,900, for a target of Rs 49,400, while Silver could be bought around Rs 63000, for a target of Rs 64500.
On MCX, gold has support at Rs 48,800-48,550 and resistance at Rs 49,440-49,700. Silver has support at Rs 63,100-62,500 and resistance at Rs 64,500-65,000.
Experts are of the view that the bias may be on the upside amid increasing virus risks which makes a case for continuing stimulus measures. The yellow metal could face some resistance near Rs 51000 per 10 gm.
MCX Gold has a support at 50000-49800 and resistance at 51380-51550 levels. Silver is having support at 61800-61200 and resistance at 63100-63800 levels.
Additional stimulus measures to deal with the pandemic, lower real yields backed by higher inflation across the globe may support the Gold prices up towards Rs. 52,500 - 53,500 levels again in a months’ time,
Analysts expect both the precious metals remain volatile this week due to volatility in the dollar index, speculations over US stimulus and ahead of US Presidential elections.
Experts are of the view that investors can accumulate the yellow metal on dips for a target of Rs 50920-51100 levels.
Experts are of the view that the buy-on-dip strategy will work on September 30. On the upside, crucial resistance is placed at 50,800-50,920.
Experts are of the view that volatility is likely to remain. The yellow metal could face some resistance around Rs 50,330-50500 on the upside while crucial support is placed at Rs 49,800.
Strength in the Dollar index and uncertainty over the stimulus support from the US Federal Reserves triggered heavy sell-off in both the precious metals
Gold and silver showed extreme volatility the previous day, Investors could deploy buy on dips strategy for the yellow metal towards Rs 49,600 for a target of Rs 49,950, experts say.
Experts are of the view that the weakness in gold price is likely to continue and traders could well go short in October Futures for a target of Rs 49,250. Below Rs 49,250, the major support for the metal is at Rs 49,000.
Experts are of the view that volatility is likely to remain but any bounce back could be used to go short. Crucial support is placed at Rs 50,100-49,920.
Experts are of the view that although the trend is slightly on the higher side but the yellow metal could face resistance near Rs 50,660 and on the downside support levels are placed at Rs 50,000-49,800.
Experts are of the view that the yellow metal is likely to remain volatile and crucial supports is placed at Rs 51300-51500 levels.
Experts are of the view that gold is likely to remain volatile and the immediate support is placed at Rs 51,300 on the downside. Any correction would be an opportunity to buy, they say.
Experts are of the view that the precious metal could remain volatile and may face resistance in the range of Rs 51800-52000 per 10 gm. On the downside, Gold has support near Rs 51300-51500.
Experts are of the view that both gold and silver are likely to remain volatile. The next big resistance for gold is likely around Rs 51,800 while on the downside, crucial support is placed at Rs 50,920.
Experts are of the view that the yellow metal is likely to remain volatile and could find support near 51,300 levels.
Experts are of the view that both gold and silver are likely to remain volatile ahead of the outcome of the ECB meeting. A further stimulus can support the yellow metal at lower levels, hence the buy-on-dips strategy will work.