International News
Gold, silver prices ease on global bullion correction, stronger US dollar
Gold prices in India eased to Rs 12,507/gram (24K) and silver to Rs 1.59 lakh/kg on Oct 24.After a record-breaking run through the festive weeks, gold and silver prices in India are taking a breather. er a record-breaking run through the festive weeks, gold and silver prices in India are taking a breather.Retail rates dipped slightly across major cities, tracking a correction in global bullion and a stronger US dollar.
A combination of three developments has triggered the current market selloff in gold, reshaping immediate trading patterns.Firstly, profit-booking after sustained periods of gains. Gold-backed ETFs experienced their most substantial single-day tonnage withdrawal in five months, indicating that institutional investors are reducing their positions following elevated valuations at consecutive record highs.
Secondly, the dollar index has shown strength over three straight sessions, effectively diminishing gold’s attractiveness by increasing its cost for those holding other currencies. This fundamental relationship between currency values and commodity prices has become prominent again, after being temporarily overshadowed by safe-haven trading during gold’s upward movement.
Furthermore, increased confidence regarding possible US–China trade deal has reduced the appeal of defensive investments. The White House has confirmed that Trump will hold discussions with Chinese President Xi Jinping in the coming days.
In a similar vein, gold prices in the global market declined on Friday and were set for their first weekly decrease in ten weeks, impacted by a stronger dollar and market participants adjusting their positions ahead of a significant US inflation report expected later in the day.
In dollar terms, gold has support at $4,020–$3,975 and resistance at $4,125–$4,170. Silver’s support lies at $47.85–$47.40, with resistance at $48.75–$49.30.
In Indian rupee terms, gold has support at Rs 1,21,070–Rs 1,20,580 and resistance at Rs 1,22,350–Rs 1,23,000. Silver is supported at Rs 1,44,350–Rs 1,43,450 and faces resistance near Rs 1,46,850–Rs 1,47,780.
Analysts believe gold could continue to trade in a narrow range ahead of Friday’s US CPI report, which is expected to provide clues on inflation and future rate decisions.
International News
Precious Metals Bounce Back As Iran Ceasefire Hopes Rise, But Fed Rate Fears Loom: AUGMONT BULLION REPORT
Gold Remains Under Short-term Pressure from Expectations of Fed Tightening and a Strong Dollar. However, Investor Positioning in Gold Looks Relatively Light After Months of ETF Outflows.
Price Movement – Gold has bounced back from its key support levels near $3960, and Silver has recovered from $55, after an Iranian official reportedly received a proposal for a 10-day ceasefire. The continuing US-Iran standoff has kept investors worried about energy-driven inflation and the possibility of further rate hikes. Markets are now pricing in an 83% chance of a US rate hike in December, up sharply from 73% just a week earlier, based on the CME FedWatch tool.
Geopolitical Tensions – Despite the Houthis announcing fresh military action, both Tehran and Washington appear keen to restart talks and stop the escalating attacks that have nearly destroyed a fragile interim agreement reached last month. A senior Iranian official told Reuters on Monday that mediators had proposed a 10-day ceasefire, aimed at rescuing the interim deal and eventually leading to a lasting peace agreement.
Macro-Economic Signals – Gold remains under short-term pressure from expectations of Fed tightening and a strong dollar. However, investor positioning in gold looks relatively light after months of ETF outflows, meaning further price drops may be limited. Strong physical demand, especially from China, along with continued central bank buying, is providing solid support to the gold market.
Technical Triggers
If Gold fails to hold above $4,000 (~Rs.1,41,000), it could slide further to $3,900 (~Rs.1,38,000). But if it manages to stay above $4,200, a fresh rally could take it toward $4,500 (~Rs.1,55,000).
For Silver, a strong move above $63 (~Rs.2,35,000) could push prices toward $70–71 (~Rs.2,51,000–2,55,000). On the other hand, a fall below $55 (~Rs.2,14,000) may drag it down to $50 (~Rs.2,00,000).
Support and Resistance
| International Gold Support Level International Gold Resistance Level Domestic Gold Support Level Domestic Gold Resistance Level | : $3900/oz : $4160/oz : Rs 137,000/10 gm : Rs 147,000/10 gm |
| International Silver Support Level International Silver Resistance Level Domestic Silver Support Level Domestic Silver Resistance Level | : $55/oz : $63/oz : Rs 214,000/kg : Rs 235,000/kg |
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