Gold, silver rates today: MCX gold rebounds from 1-year low, silver near ₹1.79 lakh; should you buy for good returns?

Detailed summary

Gold, silver rates today: Gold price today opened higher on MCX at ₹1,36,502 per 10 gm and touched an intraday high of ₹1,37,587 per 10 kg during the early morning dealings

Gold, silver rates today: Gold and silver prices in India witnessed value buying during the early morning dealings on Friday. The MCX gold rate today opened higher at ₹1,36,502 per 10 gm and touched an intraday high of ₹1,37,587 per 10 kg during the early morning dealings. However, silver price today opened lower on MCX at ₹1,79,692 per kg, but soon gained momentum and hit an intraday high of ₹1,80,199 per kg. In the international market, the COMEX gold rate is oscillating around $3,920 per ounce, after hitting a one-year low of $3,850 per ounce. The COMEX silver rate also bounced back after inching close to a 52-week low of $48.050 per ounce.

According to market experts, the gold and silver price outlook for the near term is cautious. They said that US Fed rate-hike buzz, after renewed fears of inflation, is expected to work as a taper for the gold and silver price rally. Experts maintained that RSI for the COMEX gold price is hovering near 39, which is below its average, while the MACD histogram has slipped into negative territory, suggesting that the recent rebound remains corrective rather than signalling a sustained recovery.

Pointing towards the major reason for being cautious on gold and silver price outlook, Anuj Gupta, a SEBI-registered market expert, said, “Amid renewed fear of US Inflation, the market is expecting a 50 bps US Fed rate hike in the upcoming US Fed meeting next month. This has strengthened the US dollar, giving a fi;ip to the US bond yields.”

Speaking on the outlook for the gold and silver rates, Vikram Subburaj, CEO, Giottus.com, said, “A stronger dollar makes bullion more expensive for overseas buyers. Rising Treasury yields also reduce the appeal of gold and silver, as both metals do not generate interest income. Higher oil prices amid renewed US-Iran tensions have added to inflation concerns, reinforcing expectations that monetary policy may remain restrictive.”

“The near-term bias remains cautious, with a sustained move back above $4,000…

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