Gold and Silver prices saw a strong increase on Monday, mainly due to growing fears that Iran might retaliate against Israel. Additionally, a drop in U.S. bond yields added to the upward movement of these precious metals. One major reason behind the rising gold prices is that central banks are moving away from holding U.S. dollars and are buying more gold. This shift has pushed gold prices above $2,500 per ounce and silver above $28 per ounce. Investors buy more gold and silver before important U.S. economic data is released.
Gold and Silver prices saw a strong increase on Monday, mainly due to growing fears that Iran might retaliate against Israel. Additionally, a drop in U.S. bond yields added to the upward movement of these precious metals.
One major reason behind the rising gold prices is that central banks are moving away from holding U.S. dollars and are buying more gold. This shift has pushed gold prices above $2,500 per ounce and silver above $28 per ounce. Investors buy more gold and silver before important U.S. economic data is released.
Regarding technical levels, gold has support around $2,448 – $2,431 and resistance at $2,482 – $2,459. Silver has support near $27.65 – $27.48 and resistance at $27.98 – $28.18. In India, gold prices are supported at ₹70,510 – ₹70,340 while resistance is around ₹71,000 – ₹71,200. Silver finds support at ₹80,920 – ₹80,240 and resistance at ₹82,190 – ₹82,740.
Crude oil prices have been rising for five days straight, driven by concerns over the possibility of attacks on Israel by Iran and its allies. The U.S. recently sent a guided missile submarine to the Middle East, adding to the tensions.
Although there were worries about China’s demand for oil, better-than-expected economic data from the U.S. and Germany helped push oil prices higher. However, some analysts are cautious, as a potential recession in the U.S. could limit further gains.
For crude oil, support levels are $77.30 – $76.60, with resistance at $78.70 – $79.20. In India, crude oil has support at ₹6,610 – ₹6,550 and resistance at ₹6,755 – ₹6,810.
Both gold, silver, and crude oil are increasing prices due to global tensions and economic factors. Investors should watch these markets closely as they react to ongoing developments.
