Gold prices fall for the fifth consecutive day today, a fall of more than ₹ 1,000 this week

Analysts say though gold is vulnerable to more corrective measures amid an aggressive Fed’s stance to check inflation, geopolitical tensions and concerns of a global slowdown could support prices at lower levels. place Silver fell 0.3% to $18.81 an ounce. So far this week in the international markets, gold has lost about 1.5 percent.

Data released Thursday showed US consumer prices rose higher than expected in September, with the core CPI jumping 6.6% year-on-year. Although traditionally considered an inflation hedge, raising interest rates to combat rising prices has diminished the appeal of bullion because it does not earn any interest.

Despite gold correcting from the $2,000 level in March, investor interest remained subdued. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.12% to 944.31 tonnes on Thursday.

According to analysts, gold is likely to remain in the range of $1,660 to $1,674 an ounce in the near term and a breakout of either of the two levels could push the yellow metal in that direction. Bulls have failed to keep prices above $1,700 an ounce as price pressure is keeping the Fed on a path of aggressive rate hikes.

“Silver is taking cues from both” Sleep and Industrial Metals which are trading with a weak bias. On the price action front $18.60/oz will act as a good support. A break below the support will bring further selling. A reversal of the current corrective move can happen only if the bulls manage to hold it above $20/oz. As long as the said support/resistance persists, we expect a range-bound move in silver prices,” Kotak Securities said in a note.

Among other commodities, oil prices reversed earlier losses and climbed higher today, supported by a weaker US dollar. Brent crude futures rose 29 cents, or 0.3%, to $94.86 a barrel. (with agency input)