Gold and silver futures rally, analysts see further upside
Gold futures broke through ₹1,55,000 to hit ₹1,62,680, while silver rebounded from ₹2,30,000. Analysts expect the rally to continue with targets of ₹1,70,000 and ₹2,60,000.
Gold Market
Gold futures broke through ₹1,55,000 to hit ₹1,62,680, while silver rebounded from ₹2,30,000. Analysts expect the rally to continue with targets of ₹1,70,000 and ₹2,60,000.
MCX gold extended its rally for a fifth consecutive week, with August gains reaching 13.3% as a declining US dollar and reduced expectations of a Federal Reserve rate hike supported demand.
Gold prices climbed to a three-month high on Friday, extending gains for a third consecutive week as a softer US dollar and positive technical signals attracted investors.
Gold rose to $4,544 during Asian trading on Friday, its highest since early June, supported by renewed US dollar selling and expectations that the Federal Reserve may hold off on rate hikes. However, geopolitical tensions and higher oil prices kept gains in check.
Gold edged lower on Thursday as US Treasury yields trimmed earlier losses and the dollar firmed, pulling XAU/USD back to $4,509 from a daily high of $4,540.
Gold rose 4.35% on 19 August, its biggest daily gain since February. The rally reflects traders pricing in US dollar debasement risk, not lower bond yields.
Gold retreated from its highest level since early June as hawkish FOMC minutes and US‑Iran tensions lifted the dollar. Falling bond yields may cap the downside.
Gold is approaching $4,500 for the first time in over two months as the US dollar weakens. The US Treasury’s decision to double debt repurchases has weighed on the greenback, supporting bullion.
Gold pulls back after failing to break $4,435 resistance. Middle East tensions and Fed rate uncertainty weigh. Wednesday's Fed minutes could decide the next move.