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Gold Cheaper by Rs 4300, Silver by Rs 8800: What Will Be October Rates? Expert Forecast
- •Gold prices fell by Rs 4,300 per 10 grams and silver by Rs 8,800 per kilogram in just two days.
- •On September 29, MCX gold traded at Rs 1,46,845 per 10 grams, while silver was at Rs 2,25,759 per kilogram.
- •International spot gold is near a seven-week low, priced at $4,130.58 per troy ounce.
- •Rising crude oil prices and global uncertainty may lead the US Federal Reserve to hike interest rates in October, pressuring gold prices.
- •Experts predict October gold prices could range from Rs 1,42,000 to Rs 1,43,000 or rise to Rs 1,53,600.
Key Questions Answered
Gold and silver prices are dropping due to rising crude oil prices and global uncertainty fueling inflation concerns, which have raised the probability of an interest rate hike by the US Federal Reserve in October. As bond yields become more attractive, investors are shifting away from non-yielding gold.
According to Motilal Oswal Financial Services analyst Manav Modi, if gold stabilizes at the key MCX level of Rs 1,48,000 per 10 grams, it could rise to Rs 1,51,000 and eventually reach Rs 1,52,300 to Rs 1,53,600. If selling pressure continues below Rs 1,48,000, prices could fall to Rs 1,45,000 or lower.
Axis Securities identifies Rs 2,25,500 per kilogram as a vital support level for silver. If prices strengthen above Rs 2,33,000, silver could potentially reach targets of Rs 2,37,000 and Rs 2,42,000.
