Bullion Update

Advisory Bazaar Info Services

The bullion counter may witness volatility as investors booked profits a day after gold breached the crucial $4,000 per ounce level to hit a record high. The rally was driven by economic and geopolitical uncertainties and expectations of additional U.S. interest rate cuts.

Overall, Gold (December) is likely to trade in the range of ₹1,21,200–₹1,23,500, while Silver (December) may move within ₹1,47,000–₹1,50,000.

According to the minutes of the Federal Reserve’s September 16–17 meeting, officials agreed that risks related to the U.S. labor market had increased enough to justify a rate cut, although they remain cautious about inflation. Discussions are still ongoing about how much pressure high interest rates are putting on the economy.

So far this year, gold has gained about 54%, driven by strong central bank buying, rising demand for gold-backed ETFs, a weaker U.S. dollar, and increased retail investor interest as gold continues to serve as a hedge amid trade and geopolitical tensions.

Energy Update

Crude oil may trade with volatility and remain within the range of ₹5,480–₹5,580. Oil prices fell in early trade after Israel and Hamas agreed on the first phase of a plan to end the Gaza war, reducing the “war risk premium” and prompting selling pressure among investors.

U.S. President Donald Trump announced that a ceasefire and hostage release agreement had been reached between Israel and Hamas — a major step toward ending the two-year-long conflict. Israeli Prime Minister Benjamin Netanyahu said he would convene a cabinet meeting on Thursday to approve the ceasefire deal.

The Gaza war had previously supported oil prices as investors assessed the risk that the conflict could expand into a broader regional war, potentially disrupting global oil supply.

Natural Gas (October) is expected to remain weak and may trade in the range of ₹290–₹305.