After facing sharp corrections in the previous sessions, precious metals staged a rebound today in the commodity markets.
On the Multi Commodity Exchange (MCX), gold futures rose ~0.89% to ₹1,22,938 per 10 grams, while silver followed a similar upward trend.
Gold Prices Bounce Back
MCX Gold Futures (December contract): ₹1,22,938 per 10g — up 0.89%
Spot Gold (Global): Also trading higher, supported by a weaker U.S. dollar and soft Treasury yields
Analysts suggest that value buying after recent declines and renewed geopolitical tensions contributed to the rebound.
“Gold’s pullback reflects short-covering and safe-haven demand returning as global uncertainties linger,” said a market analyst.
Silver Follows Gold’s Rally
Silver futures mirrored gold’s gains, climbing sharply amid renewed industrial demand and speculative buying.
Industrial metals, including silver, saw support from improved risk sentiment and expectations of steady economic recovery.
Why Precious Metals Are Rising
Weaker U.S. Dollar:
A softer dollar made gold and silver more attractive to global buyers.
Safe-Haven Buying:
Investors are turning to gold and silver amid ongoing geopolitical risks and market volatility.
Technical Rebound:
After steep declines last week, traders are re-entering the market at lower levels.
Global Economic Factors:
Hints of interest rate stability by the U.S. Federal Reserve have also supported the rebound.
Market Outlook
Commodity experts expect short-term consolidation in gold and silver but maintain a bullish long-term outlook, driven by:
Persistent inflationary pressures
Central banks’ continued gold purchases
Safe-haven demand amid global instability
“Gold may test ₹1,23,500 if momentum sustains, while silver could edge higher toward ₹1,42,000 per kg,” noted a market strategist.
FAQs
1. Why did gold and silver prices rise today?
Both metals rebounded after recent corrections due to weaker dollar trends and safe-haven buying.
2. What is the current price of gold on MCX?
Gold futures are trading at approximately ₹1,22,938 per 10 grams, up 0.89%.
3. How is silver performing?
Silver prices also climbed, tracking gold’s recovery and strong industrial demand.
4. Is this rally sustainable?
Experts expect short-term fluctuations but see long-term bullish momentum continuing.
5. What should investors do now?
Investors can consider staggered buying at dips, keeping long-term allocations intact.
Published on : 24th October
Published by : SMITA
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