Even as MCX silver future prices crashed by Rs 900 on Friday, brokerage firm said it believes this is just a blip and the white metal could spike as much as Rs 80,000 in the next 12-15 months.
We expect gold prices to trade sideways toup in the comingweek with COMEX spot gold resistance at $1835 per ounce and support at $1777 per ounce.
Golden Opportunity to Buy Gold Silver: According to commodity market experts, overalltrend for gold price is bullish as soaring crude oil prices have put global inflation concern at alarminglevel forcing Bank of England to increase interest rate by 25 bps. Similarly, European CentralBank and US Federal Reserve are hawkish on interest ratehike but recent appreciation in Euro and Pound against the US Dollar (USD) is going to support gold price rally further.
MCX Silver Price Target. If mcx silver is close Below 59500. Buying can be risky at this level. To Enter Buy Position, Buy on Dips.
Gold Forecast 2022: What exactly happened? From a macroeconomic perspective, the economy recovered lastyear. As vaccination progressed, sanitary restrictions were lifted, and riskappetite returned to the market, which hit safehaven assets such as gold. What’s more, a rebound in economic activity and risinginflation prompted the Fed to taper its quantitative easing and introduce more hawkish rhetoric, which pushed gold prices down.
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