Gold, silver price jumps amid rising Israel Palenstine conflict. Opportunity to buy?

  • Gold rate today has immediate support placed at 56,800 whereas it is facing resistance at 57,750 to 57,800 per 10 gm range, say experts

Asit Manohar
First Published9 Oct 2023, 09:43 AM IST
Gold rate today is in uptrend due to rising uncertainty after Israel Palenstine war, say experts.
Gold rate today is in uptrend due to rising uncertainty after Israel Palenstine war, say experts.(PTI)

Gold rate today witness strong buying interest due to rising uncertainty after Israel Palenstine conflict. Gold price today on Multi Commodity Exchange (MCX) for December 2023 expiry contract opened higher at 57,000 per 10 gm levels and went on to hit intraday high of 57,400 levels within few minutes of commodity market's opening bell today. In spot market, gold price is oscillating around $1,850 per ounce levels.

Likewise, silver rate today opened higher on MCX at 68,740 per KG levels and went on to hit intraday high of 68,980 per kg levels immediately after the opening bell today. In international market, silver price is oscillating around $21.80 per ounce levels during Monday deals.

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Israel Palenstine conflict in focus

On reasons that has fueled gold and silver prices today, Anuj Gupta, Head — Commodity & Currency at HDFC Securities said, “Gold and silver prices are rising today due to uncertainity after the geo-political tension in Middle East. After the outbreak of Israel war, gold has gained attention of investors as other assets are expected to feel the sell off heat. In such a scenario, people are expected to shift their money from other assets like equities, mutual funds, bonds, etc. to bullions. So, its Israel news that is going to work as major trigger for the yellow and white metal prices in near term.”

Market falls about 1% on the Israel-Palestine war; investors lose 4 lakh crore

Other triggers for gold price

On triggers other than Israel Palestine war, Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas said, “This week, investors will focus on the US PPI (September), FOMC minutes, CPI (September), and University of Michigan consumer sentiment and inflation expectations. Out of Europe, Germany's CPI, industrial production; Euro-zone's Sentix investor confidence; and the UK's monthly GDP will garner attention. China's trade balance and CPI data will entertain the traders further.”

US dollar to watch

Anuj Gupta of HDFC Securities went on to add that US dollar has been under sell off heat and as the dollat index has come below 106 levels and it is expected to go towards 103 levels once it breaches its immediate support placed at 105 levels. 

On reasons that pulled down US dollar against major global currencies, Sugandha Sachdeva, Executive Director & Chief Strategist at Acme Investment Advisors said, “A robust US jobs report for September, released last week, heightened expectations of another interest rate hike by the US Fed at its November meeting. The US economy added a surprising 336,000 new jobs in September, nearly double the projected 170,000 job additions. However, a dip in hourly earnings for September suggested a slight moderation in wage pressures, leading to some softening of the dollar index and offering some support to the precious metal.”

Important levels to look at

Asked about the important levels that one should look at while taking positions in gold and silver, Anuj Gupta said, “In international market, gold rate today has immediate support at $1,835 levels whereas it is facing hurdle at $1,880 perm ounce levels. On MCX, the gold price today is facing hurdle at 57,800 and 58,300 per 10 gm levels.”

On suggestion to gold and silver investors, Anuj Gupta said, “Those who have position in gold, they are advised to maintain stop loss at 56,800 levels for near tyerm targets of 57,800 and 58,300 levels. Silver rate today has immediate support placed at 66,000 and in near term it is expected to go up to 71,000 and 74,000 per kg levels.” He advised gold and silver investors to maintain buy on dips strategy till Israel Palestine conflict persists.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

 

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First Published:9 Oct 2023, 09:43 AM IST
HomeMarketsCommoditiesGold, silver price jumps amid rising Israel Palenstine conflict. Opportunity to buy?

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