Gold, silver lose lustre in September - The Hindu

AI desk brief

Gold and silver weakened sharply in September as a stronger U.S. dollar and expectations of a U.S. rate hike pressured sentiment, with crude oil strength offering little offset. COMEX gold fell 6.8% to $4,189.1/oz and silver dropped 9.6% to $60.75/oz; in India, MCX gold slipped 4.1% to ₹1,149,092/10g and MCX silver fell 6.8% to ₹2,23,740/kg, cushioned somewhat by a weaker rupee.

The column says the prior bullish short-term setups have been invalidated after gold broke below $4,200-$4,220 support and silver lost $62.5. It now sees gold range-bound in $3,900-$4,550 unless $4,560 or $3,900 breaks, while silver is expected to trade in a wide $54-$69 band; MCX gold is seen oscillating between ₹1,41,000-₹1,59,000 and MCX silver between ₹2,15,000-₹2,48,000.