Gold and Silver’s Upward Journey: A Positive Outlook

• Gold and silver have regained their strength, especially in the latter half of August.

• The weakening U.S. dollar and expectations of a further interest rate cut by the U.S. Federal Reserve boosted sentiment towards precious metals.

• Comex gold and silver recorded impressive gains, with Comex gold gaining 5.2% and silver gaining 10.76% respectively.

• MCX Gold price closed 5.06% higher, well above the psychological ₹1,00,000 mark, and MCX silver recorded an 8.95% gain.

• Comex gold resumed its uptrend on the breakout of the upper end of the prior range at $3,450, pushing it to fresh all-time highs.

• Comex silver displayed relative out-performance versus gold in the past few months, with the silver price scaling a fresh 52-week high of $40.75.

• MCX gold managed to breakout above the key resistance level of ₹1,02,000, potentially heading to the next target zone of ₹1,10,000-₹1,12.

• MCX silver staged a sharp recovery last month and managed to scale a fresh 52-week high towards the end of August.

• The positive outlook for both gold and silver could be threatened if the price falls below ₹1,11,000.

Precious Metals Outlook is important topic for Civil service exam (WBCS).

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