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Gold & silver price prediction at the moment: What’s the gold rate outlook for May 8, 2025 – should you buy or promote?

Gold & silver price prediction at the moment: What’s the gold rate outlook for May 8, 2025 – should you buy or promote?

Kaumi GazetteBusiness8 May, 20258.2K Views

MCX Gold has been exhibiting a robust bullish development. (AI picture)

Gold and silver price prediction: Gold and silver costs have been touching new highs as geopolitical uncertainties weigh on buyers’ minds round the world. What’s the outlook on gold and silver and what should buyers do? Abhilash Koikkara, Head – Forex & Commodities, Nuvama Professional Clients Group shares his views:MCX Gold:

MCX Gold has been exhibiting a robust bullish development, marked by a sequence of upper highs and better lows, indicating sustained shopping for curiosity and constructive momentum. After rallying to an all-time excessive close to ₹99,700, the price witnessed a wholesome correction of about 8%, pulling again to ₹92,000 ranges. This dip offered a consolidation section and acted as a base for the subsequent leg of the uptrend. Since then, costs have recovered steadily and resumed their main upward trajectory.
Currently buying and selling at ₹97,200, MCX Gold seems to be nicely-positioned to retest the earlier excessive of ₹99,700 in the coming classes. The general development construction stays intact, supported by international uncertainties, agency central financial institution demand for gold, and a softer greenback outlook. Investors and merchants might think about getting into lengthy positions at present ranges, with a close to-time period goal of ₹99,700. A strict cease loss should be maintained at ₹96,000 to handle draw back danger, particularly in case of surprising volatility.
Given the sturdy technical setup and favorable macro backdrop, gold is prone to preserve its bullish bias in the close to time period. Dips might be considered as shopping for alternatives inside this broader uptrend. Risk administration stays key as all the time.

CMP: Rs 97,200
Target: Rs 99,700
Stoploss: Rs 96,000

MCX Silver

MCX Silver has proven sturdy resilience after bouncing from the 38.2% Fibonacci retracement stage, a key technical assist that usually alerts the continuation of a prevailing development. This retracement offered a wholesome pullback inside the broader bullish construction, permitting the market to consolidate earlier than resuming upward momentum. The latest price motion suggests rising bullish sentiment, with silver now inching nearer to its earlier swing excessive.
The technical setup signifies that silver is prone to retest and doubtlessly surpass its prior peak, supported by renewed shopping for curiosity.
One should watch for a breakout above the earlier swing excessive of 98,800 which may set off further upside and speed up momentum in direction of 10,00,00. The fast outlook stays constructive, and any minor dips from present ranges might provide recent shopping for alternatives.

CMP: 96,380
Target:1,00,000
Stop-loss: 93,700

(Disclaimer: Recommendations and views on the inventory market and different asset courses given by specialists are their very own. These opinions don’t characterize the views of The Times of India)

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