Fundamental bullishness in gold-silver is becoming pro. Gold-silver has rebounded with reports that central banks will have to maintain low-interest rates for another year and that most countries may still announce additional stimulus packages to stem the tide.
Silver has rallied faster than gold. In Ahmedabad, silver jumped further by Rs 500 to Rs 63,000 while gold strengthened to Rs 52,700 near Rs 53,000. In addition to festivals, global markets are booming and the rupee is depreciating against the dollar in the forex market. By Diwali, silver is expected to touch 67000-70000 and gold 55000 again, according to bullion analysts.
The bullion has been on a bullish trend since March due to the Corona epidemic. Gold hit a record high of 20 2,050 in August, after hitting a low of 18 1,850 in late September. Gold is currently quoted around 19 1930 which is expected to see a new high jump to 1970 1970. Silver fell below 24 24 in September after reaching close to 30 30, which is now rising again to ટ 25.20. Closing above the 26.70-27.30 level could reach 29 29.70-30.30.
The rupee has been strengthening above 73 against the dollar in the forex market for a long time as well as in global markets, which has halted the local decline. If the rupee weakens further to 73.70-74.30 and gold-silver prices rise further in global markets, domestic prices will improve rapidly.
Mining slows, supply crunch accelerates
Gold, as well as silver mining, is still slow due to the Corona effect. Most of the mining companies are closed, hedge funds against the supply crunch, central banks as well as investors in SPDR gold traded funds continue to support the bullish buying. All the central banks of the world have increased their gold reserves during the current year, which has led to a strong trend in gold. Boolean analysts are now showing that the effect of the American election or the discovery of the corona vaccine will not fall on the market boom.
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