Gold and silver prices rise

According to the latest news, gold and silver prices increased today in Indian markets after falling in the previous session. On Multi Commodity Exchange, October gold futures rose by 0.3% to 51,071 per 10 gm while October silver futures gained 0.7% and hit 65,673 per kg. In the previous session, gold had dipped 900 per 10 grams, while silver had lost 2,500 per kg. Gold prices in India have been volatile since reaching record highs of 56,200 on August 7.

In global markets, the yellow metal prices were steady after a drastic decline in the previous session. Spot gold gained 0.1% to 1,929.94 per ounce, dipping more than 1% in the previous session. Among other expensive metals, silver slipped 0,1% to $27,01 per ounce and platinum lost 0.7% to $992,07.

On August 27, Jerome Powell, Chair of the Federal Reserve, outlined an approach to setting US monetary policy that pushed up US bond yields. Higher bond yields rise the opportunity cost to holding yellow metal which doesn’t yield any interest income.

It’s evident that concerns over the economic cost of the Covid-19 pandemic helped support yellow metal value. Last week, the quantity of Americans filing new claims for unemployment benefits reached nearly 1 million, suggesting the labor market rebound was stalling as the coronavirus pandemic drags.

The statement over the US next coronavirus relief legislation continued. After talks with

Staff Mark Meadows, White House Chief on Thursday, US House of Representatives Speaker Nancy Pelosi said that Democrats and Republicans remained far apart over how much to spend.

Oil and Base metals prices

On Thursday, oil prices remain stable as hurricane Laura stopped production. West Texas Intermediate (WTI) crude decreased by 0.18% at $43.31 while Brent crude stood at $46.16.

Multi Commodity Exchange Crude oil price moved above the previous swing high on the hourly chart, which is bullish. The hourly RSI is in the bullish crossover. On the lower end support seen at 3180, whereas on the higher end resistance seen at 3270.

On Thursday, base metals were trading mostly with a mixed bias. On LME (London Metal Exchange), Copper decreased by 0.14% at $6,589, while Aluminium rose 0.13% at $1,780. Zinc added 0.13% at $2,477 whereas Lead dipped 0.35% at $1,974.

Multi Commodity Exchange Copper prices found resistance around the previous swing high on the hourly chart. The hourly RSI (Relative Strength Index) has remained in a bearish crossover. On the lower end support seen at 526, whereas on the higher end resistance seen at 535.