Perspective on Gold-Silver Weekly Performance and Outlook by Mr. Colin Shah, MD, Kama Jewelry
Below the Perspective on Gold-Silver Weekly Performance and Outlook by Mr. Colin Shah, MD, Kama Jewelry
"The performance of bullion was volatile during this week owing to continuous fluctuations in prices. In case of gold prices in the international markets, there was a significant uptick during the week, rising approximately 3% to reach USD 3,303.92/Oz as of early Friday. This can be attributed to weakening dollar which saw depreciation of over 1% this week, followed by growing investor concerns regarding the fiscal outlook of the US.
Domestically, gold price surpassed INR 96,000/10gms and remain range-bound between INR 93,000/10 gm to INR 96,000/10gms during the week. This was owing to the ripple effects of the international factors at play that fueled gold prices in the domestic market.
Silver, on the other hand, saw 0.1% increase with prices hovering at USD 33.12/Oz in international market. Domestically, silver prices stood at INR 98,000/kg. This can be attributed to the cautious investor sentiments followed by global commodity trends and price movements.
Moving forward to next week, the outlook for gold remains bullish with a possibility for a potential short-term correction. International Prices are expected to trade in the range of USD 3300-3400/Oz, supported by ongoing geopolitical tensions and uncertain outlook over US fiscal policies signaling economic instability in the biggest economy of the world. Domestic Prices can hover in the range of INR 95,000-96,000/10gms. For silver, prices may remain relatively stable, unless any major economic development takes precedence.”
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