Declines likely in price of gold and silver futures

The price has to move past $1,980 to indicate resumption of the long-term uptrend.

The consolidation in price witnessed in September spilled over to October, with precious metals being confined to a narrow trading range. The firm trend in the U.S. dollar, along with the news flow pertaining to the spread of COVID-19 and the hopes for an economic stimulus in the U.S., played a key role in influencing the price of precious metals in October.

Comex gold closed 0.8% lower in October to settle at $1,879.9 an ounce. Comex silver eked out a marginal gain of 0.7% to settle at $23.65 an ounce. In the domestic market, MCX gold futures rose 0.7% to ₹50,699 per 10 gm. MCX silver futures climbed 1.6% to ₹60,685 per kg.

Comex gold was confined to a narrow trading range. There is no change to the short-term outlook for gold. Comex gold is expected […]

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