• A direct result of political events in America!


• Prices rose sharply


• Record jump in gold and silver prices

Gold Silver Price Hike: After being under pressure for several days, gold and silver prices saw a big rally on Wednesday. US mid-term election results, a weak dollar, a fall in US bond yields and global geopolitical uncertainty have seen investors once again turn to safer investment options, leading to heavy buying of precious metals. (Gold Silver Price Hike)

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Gold and silver prices were tight

In the domestic market, gold for December delivery rose 2.21 percent, or Rs 3,088, to an intraday high of Rs 1,42,540 per 10 grams on the Multi Commodity Exchange (MCX). Silver for December delivery rose further, rising by 3.84 per cent, or Rs 6,902, to Rs 1,86,600 per kg. At the time of writing, gold for December delivery was trading at ₹1,42,300 per 10 grams on MCX, up over 2 percent, while silver for December futures was trading at ₹1,86,373 per kg, up 3.71 percent.

Investors move towards safer investment options

According to market experts, investors turned to safer investment options following the poor performance of President Donald Trump's party in the US mid-term elections. According to the election results, the Democratic Party took the lead in the Senate and the House of Representatives, which has started a discussion about new political possibilities in the global market. According to analysts, the dollar's weakness after the election results and the drop in US bond yields provided additional support to gold. A weak dollar and low bond yields generally make interest-free assets like gold attractive.

Worries about inflation are somewhat less

A softening of crude oil prices in the previous trading session eased some inflation concerns, raising hopes among investors that central banks may have some room for flexibility in monetary policy. Gold is likely to perform better in such an environment. In international markets, gold rose 2.32 percent to $4,031.90 an ounce on the COMEX, while silver rose 4.10 percent to $51.795 an ounce.

Investors prefer gold as a safe investment

The market is also keeping a close eye on global geopolitical developments. Russia has agreed to trilateral peace talks with Ukraine and the US, while uncertainty remains over talks between Iran and the US. In such an environment, investors are preferring gold as a safe investment. According to technical analysis, the first important resistance level for MCX Gold is around ₹1.41 lakh, followed by the next resistance level at ₹1,43,000 to ₹1,43,700. On the downside, the immediate support level is at ₹1,40,000, while the next support level is ₹1,37,500 to ₹1,38,300.

According to experts, despite the improvement, the momentum indicators are still very weak. The RSI is around 35, while the MACD histogram is negative and rising. This suggests that the technical structure has yet to show any concrete signs of improvement.

Meanwhile, silver has immediate resistance at ₹1,86,000 to ₹1,88,000 levels. If the prices sustain above this level, it may pave the way towards the next resistance zone of ₹1,94,000 to ₹1,96,000. On the downside, the ₹1,78,000 to ₹1,80,000 level acts as immediate support and the next support zone after this is ₹1,70,000 to ₹1,72,000.

According to experts, the future direction of gold and silver will depend on the future interest rate policy of the US Federal Reserve, the dollar index and the global political environment.

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