Gold and Silver Spark Slight Gains, But Global Waves Keep Traders on Their Toes

Gold and silver nudged higher on October 23 in India’s bullion market, offering a brief relief after a week of global market uncertainty. But the mood remains watchful, as international developments continue to influence domestic trading.

In India, gold mini November futures hovered around ₹1,21,873 per 10 grams, while silver mini November futures touched ₹1,48,148 per kg. These modest gains, though encouraging, barely offset the sharp global declines seen recently. Traders are keeping a close eye on every movement, balancing short-term shifts with the bigger market picture.

Global Gold and Silver Movements

Looking at the global scene, gold has cooled off after a meteoric rally that brought it close to $4,000 per ounce. Traders worldwide are stepping back, letting the market stabilize and catch its breath.

• Near-term support: $3,800–$3,670
• Near-term resistance: $4,190–$4,260

This indicates a period of consolidation, where prices may stabilize before the next major move. Silver is following a similar trajectory, with slightly higher swings, making it a watch-and-wait metal for now.

Meanwhile, in India, the festival season winding down is expected to ease physical demand for bullion, adding another layer of short-term market caution. With seasonal buying slowing, domestic trading volumes may soften over the coming weeks.

Short-Term Volatility, Long-Term Pulse

In the short term, the market shows profit booking and consolidation, as prices adjust after recent record highs. But behind these day-to-day fluctuations, several factors continue to underpin bullion movements:

• Central bank purchases are steadily boosting baseline demand.
• Global economic uncertainty keeps gold and silver in the spotlight as safe-haven assets.
• Interest rate expectations make holding bullion slightly more attractive.

The market is currently in a phase of adjustment, responding to both domestic and international cues. Traders are watching closely how prices react to every shift in demand and sentiment, balancing short-term movements with longer-term trends.

Takeaways

Here’s what stands out in today’s bullion market:

• Delicate balance: Small domestic gains meet global caution, while long-term factors quietly support prices.
• Domestic influence: Seasonal demand, profit booking, and trading volumes shape short-term movements.
• Global cues: International rallies and corrections continue to guide Indian prices.

Even amid short-term dips, bullion remains in the spotlight. Every tick in gold and silver futures reflects the mix of domestic buying trends, global pressure, and market sentiment.

Disclaimer

This blog shares a view on the bullion market in India. The content reflects the writer’s perspective. Any trading or investment decisions you make are entirely your own choice, and Share India Securities Limited does not provide investment advice or recommendations.