Rahul Kalantri, VP Commodities, Mehta Equities
The rally in gold and silver showed no signs of slowing, with both metals soaring to fresh records. Gold surged to lifetime highs while silver reached its strongest level in nearly 15 years. Domestically too, both precious metals set new records.
The Fed’s 25 bps rate cut and prospects of additional easing by year-end boosted sentiment, while a subdued dollar index and weaker rupee added momentum.
Persistent central bank purchases, strong ETF inflows, and safe-haven buying further fuelled the precious metals’ strength.
Gold has support at $ 3715-3685 while resistance at $ 3775-3790. Silver has support at $ 43.40-43.00 while resistance is at $ 44.00-44.30.
In INR gold has support at Rs 1,11,670-1,11,380 while resistance at Rs 1,12,650-1,12,900. Silver has support at Rs 1,32,450-1,31,750 while resistance at Rs 1,34,850, 1,35,600.