Gold, Silver Price Forecast: Will Precious Metals Spark a New Rally on MCX Today?

Gold, Silver Price Forecast: Will Precious Metals

Gold and Silver Price Prediction Today: Gold and silver (chandi) are showing strong upward momentum as global uncertainty and geopolitical tensions drive investors toward safe-haven assets. Central banks are also adding to their gold (sona) reserves, boosting demand further. On the MCX gold is aiming for around ₹1,28,000, while silver could touch ₹1,60,000, supported by steady industrial and investment demand. Both Precious metals are likely to continue their upward trend in the near term.

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Silver net speculative longs at four and half year high

Silver Nears All-Time High

Precious metals speculators yet again increased their net long positions in the Silver (XAG/USD) futures markets sharply last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial futures contracts of Silver futures, traded by large speculators, hedge funds and retailers, totaled a net position of 62198 contracts in the data reported through September 24, 2024. This was a weekly gain of 4000 net contracts and took net longs to four and half year high.

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