Gold & Silver - Oct 21, 2021 Outlook - Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold & silver prices rose on Wednesday after the U.S. dollar weakened, as worries over rising inflation and supply chain issues boosted the safe-haven appeal.

However, a rise in U.S. Treasury yields capped upside in gold.

Domestic gold & silver also rose on Wednesday, tracking overseas prices.

Bullion Index ended in the green on Wednesday.

Meanwhile, Fed Governor Christopher Waller said if inflation keeps rising at its current pace in the next few months, policymakers may need to adopt "a more aggressive policy response" next year.

Fed Governor Randal Quarles said that while it is time for the Fed to begin dialling down its bond-buying program, it would be premature to start raising interest rates in the face of high inflation that is likely to recede next year.

International gold prices have started higher this Thursday morning in Asian trade extending gains into a third session supported by a softer dollar.

Technically, LBMA Gold resistances are at $1800 and $1810. Supports are at $1770 and $1760.

Domestic gold prices could start with gains this Thursday morning, tracking overseas prices.

Technically, MCX Gold December resistances are at 47650 and 47850. Supports are at 47200 and 46950.

International silver prices have started higher this Thursday morning in Asian trade.

Technically, LBMA Silver resistances are at $24,88 and $25.70. Supports are at $23.70 and $22.99.

Domestic silver prices could start with gains this Thursday morning, tracking overseas prices.

Technically, MCX Silver December resistances are at 65900 and 66200. Supports are at 64700 and 64000.

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Source : Equity Bulls

Keywords

Gold Silver Bullion RelianceSecurities