October 03, 2023 / 09:42 AM IST
Sensex Today | Rahul Kalantri, VP Commodities, Mehta Equities:
Gold and silver prices were sharply lower in the last two trading sessions, with Comex December gold futures hitting a 10-month low and December silver futures a 6.5-month low amid a stronger U.S. dollar and heightened speculation over interest rate hike. Market participants face conflicting cues from the Federal Reserve on the trajectory of interest rate hikes.
Following expectations of a potential rate hike, the dollar has clocked a 10-month high, thus exacerbating bullion woes. Simultaneously, U.S. 10-year Treasury yields have retraced from a 15-year peak. Given the existing climate of rate uncertainty and a strong dollar, the immediate outlook for gold and silver remains bearish.
We expect gold and silver to remain volatile in today’s session. Gold has support at $1802-1792 while resistance is at $1832-1848. Silver has support at $20.60-20.45, while resistance is at $21.02-21.22. In INR terms gold has support at Rs 56,110-55,740. while resistance is at Rs 56,880, 57,150. Silver has support at Rs 65,800-65,150, while resistance is at Rs 67,440–68,350.
