The price of gold was unchanged on October 28 in the international markets, but it was on track to post gains for a second straight week as dismal U.S. economic data fueled hopes that the Federal Reserve could slow its aggressive pace of raising interest rates starting in December. The price of spot gold was unchanged at $1,663.22 per ounce, but it had increased by 0.4 percent this week.
Rahul Kalantri, VP of Commodities, Mehta Equities, stated After optimistic U.S. economic statistics lifted investors’ optimism on Thursday, gold and silver prices moved sideways. The dollar index also gained some ground after plummeting to a brand-new five-week low at 109.535. The release of the U.S. Advance Q3 GDP, which outperformed expectations with an economy rising by 2.6 percent, put a ceiling on gold at around $1660 and silver at $19.50. Due to the dollar index’s recovery, gold and silver prices may experience some profit-taking during today’s trading sessions.
Gold’s support and resistance levels are $1654 and $1642, respectively. Support for silver lies between $19.34 and $19.15, while resistance is between $19.82 and $19.95. Support and resistance levels for gold in rupees are Rs 50,520–51,350 and Rs 50,840–51,080, respectively. Support and resistance levels for silver are Rs 57,570–56,980 and Rs 58,680-58,980, respectively.
Nirpendra Yadav, the Senior Research Analyst at Swastika Investmart, said As the European Central Bank increased its interest rate by 0.75 percent yesterday, the U.S. dollar index rose by 0.55 percent. Durable goods orders and unemployment claims were sluggish, supporting the precious metals, but U.S.quarterly GDP statistics continued to be stronger than expected. Crude oil prices’ gradual rise supports precious metals as well. Precious metals’ current upward trend may continue. At Rs. 50,300 and Rs. 51,000, respectively, gold has support and resistance. Support and resistance levels for silver are 57,700 and 59,000 respectively.