Gold and silver prices today: Yellow metal rises for a fourth consecutive session and hit a more than six-month high

Gold opened on the Multi Commodity Exchange (MCX) on Thursday at Rs 62,756 per 10 grams and hit an intraday low of Rs 62,708. In the international market, prices hovered around $2,042.28 per troy ounce.

Meanwhile, silver opened at Rs 77,150 per kg, hit an intraday low of Rs 76,963 on the MCX, and hovered around $24.98 per troy ounce in the international market.

Manav Modi, Analyst, Commodity and Currency, MOFSL, said, “Gold rose for a fourth consecutive session and hit a more than six months high, driven by a retreating dollar and expectations that the US Federal Reserve has finished hiking interest rates.”

“A drop in the dollar- to near four-month lows, hovering below the 103 mark, and retreating US Treasury 10-year yields, which fell to a two-month low, are supporting safe-haven assets,” added Modi.

On the data front, US GDP in yesterday’s session was reported better than expectations at 5.2% against previous data of 2.1%, weighing slightly in bullions.

US Fed officials said in separate overnight comments that the bank needed to be more cautious in keeping rates higher for longer and that easing inflation may spur the bank into loosening policy earlier than expected.

These comments saw traders pricing in at least a 40% chance that the Fed will cut rates as soon as March 2024 and that the central bank will keep rates on hold in December.

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Anuj Gupta, Head of Commodity and Currency at HDFC Securities, said, “Yesterday gold prices closed positively, up by 0.35% and at 62605 levels. Weakness in the dollar and geopolitical tension are the major reasons for the bull trend in gold and silver. The dollar index is trading at 3 month’s low levels.”

Amit Khare, Associate Vice President at GCL Broking, said, “December Gold closed at 62651(0.43%) and December Silver closed at 75854(0.74%). As per the daily chart, Bullions are now trading at the overbought zone and showing some profit booking. Traders are advised to book their longs and can make fresh short positions in Gold and Silver near the given resistance level one with the stop loss of resistance level two and book near given support levels: Gold December Support 62400/62200 and Resistance 62800/63100. Silver December Support 75100/74600 and Resistance 76000/76700."