Gold Silver Reports — Silver MCX Moving in Zone of 46300-47300 — Bullion counter may open on negative path tracking profit booking in international markets as US Jobless claim data to give further direction to the prices.
Gold can move in range of 31000-31400 while silver can move in range of 46300-47300 in near term. Gold futures were trading higher on Wednesday, boosted by a fall in the US dollar, which gave holders of international currencies reason to return to the market following recent weakness on the back of heightened expectations that the US Federal Reserve would hike rates by year-end.
Gold could also be getting a boost from an expected increase in physical demand from major consumer India, with the Hindu Indian festival season about to start in just over a week. Some global economic uncertainty could also be drawing international investors back to the metal .
While the US economy looks robust enough to make another interest rate hike a possibility, overseas, economic conditions are not as good. International central banks recently implemented fresh stimulus measures and these are supportive for gold. — Neal Bhai Reports