Buy MCX Silver on Dips: Making new highs for 3 consecutive sessions now, Gold December futures contracts at MCX opened flat today at Rs 77,565 per 10 gram, which is up by 0.60% or Rs 458 while silver December futures contracts were trading at Rs 92,573/kg, up by 0.90% or Rs 829.
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On Thursday, gold and silver settled on a mixed note in the domestic as well as the international markets. Gold December futures contract settled at Rs 77,107 per 10 grams with a gain of 0.58% while silver December futures contract settled at Rs 91,744 per kilogram with a loss of 0.48%.
MCX Silver Forecast [18-October-2024]
We suggest buying silver on dips around 92,000 with a stop loss of Paid for the target 94,000——96,000——98,000——1,00,000+++
Gold and silver settled on a mixed note after the U.S. jobless claims declined in the last week to 2,41,000 against previous claims of 2,60,000 and retail sales grew in the last month by 0.4% against expectations of 0.3% and core retail sales also grew 0.5% against expectation of 0.1%.
The dollar index was traded steady at 11-week highs after upbeat U.S. data and limits gains of precious metals. However, the European Central Bank (ECB) cut its main refinancing rate by 25 basis points to 3.40% and supported gold and silver prices.
Today, the US Dollar Index, DXY, was hovering near the 103.71 mark, gaining 0.12 or 0.12%.
“Gold prices hit a life high and crossed $2,700 per troy ounce levels. Israel’s aggression in the middle-east is supporting safe-haven demand for gold. Uncertainty in the U.S. presidential elections is also driving gold prices. We expect gold and silver prices to remain volatile in today’s session amid volatility in the dollar index and geo-political tensions but gold and silver could hold $2,655 and $30.80 per troy ounce levels respectively on a weekly closing basis,”
