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Gold and Silver Prices Rise Today: Will Silver Get Cheaper By Dussehra?
- •On October 16, gold rates jumped by Rs 882 to trade at Rs 148371 per 10 grams on the MCX.
- •Silver prices increased by Rs 2100 to trade at Rs 212760 per kilogram.
- •Strong US dollar and higher inflation data in India and the US have impacted precious metal prices.
- •The crucial support level for silver is at Rs 207800, and breaking it could push prices down to Rs 199200.
- •Experts advise investors to wait for price stabilization before making any new purchases.
Key Questions Answered
Silver prices have remained under pressure due to a strong US dollar and higher-than-expected inflation data in India and the US. Because silver's international price is set in dollars, a stronger dollar makes purchasing it more expensive in other currencies, which suppresses its demand and market price.
According to technical analysis from research analysts, the level of Rs 2,07,800 per kg is a crucial support level for silver. If prices fall below this threshold, the next major support zone is expected around Rs 1,99,200 per kg.
Experts advise traders and investors to avoid rushing into buying silver simply because prices are dropping, as the current market trend remains weak. It is recommended to wait for clear confirmation of price stabilization or an upward move before making any purchases.
