Gold sees constructive outlook; silver supported long-term

Gold prices are expected to see a constructive near-term outlook, while silver is supported long-term, says Vedika Narvekar of Anand Rathi Shares and Stock Brokers.

Gold extended losses for a second consecutive week, declining 1.3%, due to renewed geopolitical tensions and rising US real yields.

A softer-than-expected US CPI briefly lifted gold, but the rebound faded after Fed Chair Kevin Warsh reiterated commitment to price stability.

Immediate focus is on US Producer Price Index, retail sales, jobless claims, and Fed speeches for fresh direction on interest rates.

Gold spot is at $4,030/oz with support at $3,950 and resistance at $4,120; MCX gold is at ₹1,41,720 with support at ₹1,38,500.