Gold and Silver Prices Today: 5 Surprising Trends You Won’t Believe! Gold Futures Skyrocket by Rs 182 to Rs 59,175 – Unmissable Market Update 🚀

Gold futures ascend, their majestic ascent unfurling to the tune of an astonishing Rs 182, scaling the summit to reach the ethereal realm of Rs 59,175 for every 10 grams, in the exalted arena of futures trading. In this unfolding saga, speculators, with an unbridled ardor, embark upon a quest, invoking fresh positions in response to the clarion call of an unyielding demand reigning supreme in the spot market.

Lo and behold, the Multi Commodity Exchange becomes the stage where this epic unfolds; gold contracts earmarked for the forthcoming October sojourn, scaling unprecedented heights. A mesmerizing ascent, to the tune of Rs 182 or 0.31 percent, sees them perched majestically at Rs 59,175, a testament to the capricious whims of a market, where 9,593 lots exchange hands in a dance of fate. As the curtain rises, it becomes evident that the tapestry of gold prices has been intricately woven by the deft hands of participants, for it is their creation, their ardor, that fuels this upward trajectory, as the sages of analysis proclaim.

In the distant realms of the global bazaar, gold, the noble metal, carves its own destiny, a 0.18 per cent rise sees it reclining upon the throne of USD 1,949.70 per ounce in the magnificent city of New York.

But hark, for the tale does not cease with gold alone, for its celestial sibling, silver, too, makes its presence known in the grand theater of commodities. As the day dawns, gold, the shining titan, graces the Multi Commodity Exchange with an opening flourish, its inaugural chord resonating at Rs 58,913 for every 10 grams, only to plummet to its nadir, where Rs 58,913 echoes as a haunting refrain. In the global arena, the silver’s price flits and hovers, much like a shimmering specter, around $1,923.60 per troy ounce.

In the midst of this financial confluence, Anuj Gupta, the maestro of Commodity and Currency at HDFC Securities, steps forth as the harbinger of prophecy. He foretells a saga where gold, the gilded phoenix, is destined to traverse the vast expanse of a range, spanning $1880 to $1930, its destiny intertwined with the forthcoming FOMC meeting. Volatility, that tempestuous tempest, is poised to frolic post-policy, where the perilous abyss of $1880 beckons, and the resplendent zenith of $1930 offers a radiant promise. As the oracles proclaim, silver, too, shall sway to the rhythm of a range, from 22.10 to 23.80, its heart pulsating with a positive bias. A clarion call, the buy-on-dip strategy, resonates, echoing the $22.10 threshold, while the MCX Silver December future charts its own odyssey, destined for a realm between 69700 and 73800.

The ECB, with a flourish of its fiscal wand, ushers forth an interest rate hike, offering its benevolent support to the bullion. Yet, in the realm of currency, the dollar index, that enigmatic sentinel, stands sentinel above the glistening threshold of 105, exerting formidable pressure. Awaiting the portents of the FOMC meeting, the future remains an enigma, a riddle yet unsolved.

Amidst the cacophony of voices, a chorus of Fed officials lends their perspectives, a tapestry of mixed statements. The specter of inflation, like a persistent phantom, continues to haunt, its existence affirmed by the Fed’s relentless pursuit of the elusive 2 percent target. As the week unfurls, despite the crescendo of US CPI and PPI, a pause in rate hikes emerges as a distinct possibility, with odds soaring to 99 percent for the September meeting and eclipsing 70 percent for November. On the economic calendar, a void prevails in the realm of US events.

Amit Khare, the virtuoso of Associate Vice President at GCL Broking, pens the final stanza, a lyrical note in the ballad of bullion. October gold, with a flourish, concludes its chapter, claiming 58993 (0.69 percent), while December Silver, the silvered muse, settles at 72154 (1.65 percent). Behold the daily charts, where bullion, with an aura of promise, dances within the embrace of the demand zone. The Momentum Indicator RSI, a herald of tidings, lends its voice to the chorus, singing of rejuvenation. In this twilight, traders, take heed, for a voyage of fresh acquisitions beckons, near the sacred support level one, guarded by the sentinel support level two, and guided by the luminous beacons of resistance. Gold October unfurls its tapestry, with support at 58800/58600 and resistance at 59100/59200, while Silver December charts its course, with support at 71700/71000 and resistance at 72500/73000, the verses of the market’s sonnet.