Gold & silver price prediction today: What's the gold rate outlook for May 8, 2025 - should you buy or sell?

Gold and silver price prediction : Gold and silver prices have been touching new highs as geopolitical uncertainties weigh on investors' minds around the world. What's the outlook on gold and silver and what should investors do? Abhilash Koikkara, Head - Forex & Commodities, Nuvama Professional Clients Group shares his views:

MCX Gold :

• MCX Gold has been exhibiting a strong bullish trend, marked by a series of higher highs and higher lows, indicating sustained buying interest and positive momentum. After rallying to an all-time high near ₹99,700, the price witnessed a healthy correction of about 8%, pulling back to ₹92,000 levels. This dip provided a consolidation phase and acted as a base for the next leg of the uptrend. Since then, prices have recovered steadily and resumed their primary upward trajectory.
• Currently trading at ₹97,200, MCX Gold appears to be well-positioned to retest the previous high of ₹99,700 in the coming sessions. The overall trend structure remains intact, supported by global uncertainties, firm central bank demand for gold, and a softer dollar outlook. Investors and traders may consider entering long positions at current levels, with a near-term target of ₹99,700. A strict stop loss should be maintained at ₹96,000 to manage downside risk, especially in case of unexpected volatility.
• Given the strong technical setup and favorable macro backdrop, gold is likely to maintain its bullish bias in the near term. Dips can be viewed as buying opportunities within this broader uptrend. Risk management remains key as always.

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

MCX Silver

• MCX Silver has shown strong resilience after bouncing from the 38.2% Fibonacci retracement level, a key technical support that often signals the continuation of a prevailing trend. This retracement provided a healthy pullback within the broader bullish structure, allowing the market to consolidate before resuming upward momentum. The recent price action suggests growing bullish sentiment, with silver now inching closer to its previous swing high.
• The technical setup indicates that silver is likely to retest and potentially surpass its prior peak, supported by renewed buying interest.
• One should watch for a breakout above the previous swing high of 98,800 which could trigger additional upside and accelerate momentum towards 10,00,00. The immediate outlook remains positive, and any minor dips from current levels may offer fresh buying opportunities.

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

(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)