Gold, Silver Prices Outlook :After making record high last week, gold can shine this week also. At the same time, silver prices are also expected to rise. Apart from festive demand, these precious metals are expected to get support due to increasing geopolitical tension in the Middle East. Experts believe that during this week i.e. from October 7 to October 11, 2024, gold prices may remain in the range of Rs 73000 to Rs 78000 per 10 grams. Whereas silver is also expected to be in the range of Rs 91000 to Rs 96000 per kg. That means both metals can make their new high this week.
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Gold and silver prices last week
Let us tell you that last week, gold futures on MCX had made a record high of Rs 76190 per 10 grams on October 4. Whereas on Friday it closed at Rs 76,190 per 10 grams. Whereas on MCX, silver future had touched the level of Rs 95300 per kg on October 4, however, it closed at Rs 95300 per kg on Friday. Silver
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Prices supported by tension in the Middle East
SMC Global Securities has said in its latest report that the conflict is continuing in the Middle East, which may intensify further. Israel has intensified its action against Hezbollah and Hamas. At the same time, there is a possibility of increasing Israel’s conflict with Iran. Gold prices have received support from all this. Despite the strong momentum in gold, strong US labor data has limited its upward movement to some extent. In September, American services activities grew at the fastest pace in a year.
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Other factors supporting prices
The festival season is going on and during this time the demand for gold and silver increases. Currently, on auspicious occasions like Navratri, people especially buy gold and other precious metals. Another reason for support in gold prices is the weakness of the Indian rupee. Due to weakening of rupee, gold becomes expensive, due to which its price increases in the domestic market. Demand is expected to increase in the coming days on the occasion of Dhanteras and Diwali, due to which the prices have increased.
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Opportunity to earn in gold and silver this week
Gold, Silver Prices Outlook: According to SMC Global Securities, if we talk about this week, gold on Comex is trading near the level of $2690. If gold breaks the resistance level at $2720, then a rally is possible between the levels of $2780-2820. But if it is unable to hold the level of $2720, it may weaken back to $2650. Whereas silver is expected to trade in the range of $31 to $34.
According to SMC Global Securities, this week gold on MCX has support at the level of 74,800, while there is resistance at the level of 78,100. With this trend, gold is expected to remain bullish. Whereas on MCX, silver can trade between the range of 91,400 to 98,000.
Today on MCX, gold is down by Rs 209 at Rs 75934 per 10 grams, while silver is down by Rs 734 at Rs 92615. In such a situation, you can take advantage of the possible rise in gold prices this week.
