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Gold & Silver Rebound: Navratri Week Focus on US Data
11 Oct
Summary
- Precious metals recovered on Friday as dollar and US yields eased.
- MCX gold futures rose 1.27% to ₹1,51,503 per 10 grams.
- Silver showed signs of stabilization despite a weaker technical trend.
Precious metals, gold and silver, have shown signs of recovery in the lead-up to the Navratri week. Following earlier pressure, both metals saw an uptick on Friday as the US dollar and Treasury yields softened. This recovery occurred despite ongoing concerns about inflation and potential further interest rate hikes by the Federal Reserve.
On Friday, gold futures for December delivery on the MCX gained 1.27%, reaching ₹1,51,503 per 10 grams, buoyed by fresh buying and strong spot demand. Silver also experienced a recovery, trading up 0.03% on Friday, though its technical trend remains weaker than gold's.
The domestic market also benefited from the rupee's depreciation, which made dollar-denominated commodities like gold and silver more expensive. Analysts note that while gold exhibits a mildly positive bias, silver's trend is stabilizing, indicating cautious optimism for both metals in the short term.
