Gold and Silver Price Today: Gold and silver continued their upward momentum on Tuesday in a highly volatile trading session, following comments from the US Federal Reserve Chairman and concerns over the ongoing US government shutdown.
According to Manoj Kumar Jain, Commodity and Currency Head at Prithvi Finmart, the trend remains volatile, but safe-haven demand and global uncertainties are keeping both precious metals supported.
Gold Price In International Market
In the international market, gold December futures settled at $4,163.40 per troy ounce, up 0.74 per cent, while silver December futures ended at $50.622 per troy ounce, up 0.38 per cent.
Add Zee Business as a Preferred Source
Domestic markets mirrored the global trend. Gold December futures on MCX closed at Rs 1,26,256 per 10 grams, rising 1.31 per cent, and silver December futures settled at Rs 1,59,504 per kilogram, gaining 3.14 per cent.
Read More: Silver Price Hits Record High: Ways to invest in silver and how gains from white metal are taxed? Check out everything inside
What Did Fed Chairman Say?
Jain noted that after the Fed Chairman’s speech, which hinted that the US job market and inflation have not shown significant improvement post the September policy meeting, markets rebounded from the day’s low.
The Fed Chief also expressed concern over the prolonged US shutdown, though he mentioned that overall growth could be better than expected. These remarks led to a renewed interest in buying precious metals.
“Gold prices are sustaining above $4,100 per troy ounce and silver has closed above $50, signalling potential for further upside in the coming sessions,” said Jain. He added that global uncertainty and safe-haven buying continue to support the bullish tone for both metals.
Read More: US-China Tariff Tensions: Will gold and silver rally continue? What should investors do? Expert Take
Gold & Silver Price Support Level
For the week, Jain expects gold to trade in the range of $3,910–4,240 per troy ounce, while silver may move between $47.70–53.50 per troy ounce. Daily, gold has support at $4,124–4,080 and resistance at $4,194–4,220, while silver has support at $49.80–49.20 and resistance at $51.20–52.50.
In the domestic market, Jain sees gold finding support around Rs 1,25,000–1,23,800 and resistance near Rs 1,27,400–1,28,500, whereas silver is likely to find support at Rs 1,58,000–1,55,500 and face resistance at Rs 1,61,600–1,64,000.
Gold & Silver Price Target
He recommends a buy-on-dips strategy, suggesting buying gold around Rs 1,25,000–1,24,000 with a stop loss of Rs 1,22,200 for a target of Rs 1,27,400–1,28,500, and buying silver around Rs 1,58,000–1,56,000 with a stop loss of Rs 1,53,800 for a target of Rs 1,61,000–1,64,000.
