US Fed Meeting, China Stimulus Package, US Fed Rate Cut, US Election Result, Donald Trump: On Monday, gold and silver prices softened in the international markets. The December gold futures settled at $2,746.20 per troy ounce, down 0.11%, while December silver futures closed at $32.609 per troy ounce, down 0.22%. In India, December gold futures dropped by 0.56% to Rs 78,422 per 10 grams, and December silver futures fell by 1.26% to Rs 94,284 per kilogram.
This week brings critical events that could influence gold prices, including the U.S. Presidential election and the Federal Reserve policy meeting. Additionally, a potential stimulus announcement from China is on the horizon, which could impact global markets and precious metal trends. Given this lineup, traders are adopting a cautious stance.
China’s parliament convened on Monday to review a proposal aimed at raising the local government debt limit, state media reported. The new debt would be allocated toward addressing “hidden” or off-balance-sheet liabilities. Finance Minister Lan Fo’an presented the plan at the session.
The Standing Committee of the National People’s Congress, which is meeting throughout the week, is widely expected to endorse additional fiscal measures to bolster China’s slowing economy.
Gold and silver are experiencing some profit-taking as U.S. 10-year bond yields remain above 4.25%. Meanwhile, the dollar index has shown some pullback from recent highs, with mixed performance in global equity markets supporting the safe-haven appeal of gold and silver.
Manoj Kumar Jain, Director at Prithvi Finmart, stated, “We expect gold and silver prices to remain volatile this week with the U.S. elections, Fed policy meetings, dollar index fluctuations, and geopolitical tensions. However, gold and silver could hold support levels of $2,664 and $30.80 per troy ounce, respectively, on a weekly closing basis.”
According to Jain, key technical levels include support for gold at $2,734-$2,722 and resistance at $2,762-$2,778 per troy ounce, while silver shows support at $32.40-$32.00 and resistance at $32.84-$33.20. On the MCX, gold has support at Rs 78,200-Rs 77,950 and resistance at Rs 78,660-Rs 78,850, with silver showing support at Rs 93,600-Rs 92,850 and resistance at Rs 94,950-Rs 95,600.
Jain advises staying on the sidelines in the bullion markets today due to the uncertainty surrounding the U.S. Presidential elections.
Key Events Impacting Gold and Silver Prices This Week
Tuesday, November 5:
Late night IST – U.S. Presidential Election Results
7:00 PM IST – U.S. Balance of Trade for September
8:30 PM IST – U.S. ISM Services PMI for October
Wednesday, November 6:
Final U.S. Election Results
Start of U.S. Federal Reserve Meeting
Thursday, November 7:
7:00 PM IST – U.S. Initial Jobless Claims (week of November 2)
7:00 PM IST – U.S. Q3 Nonfarm Productivity (Preliminary)
12.30 AM Conclusion of U.S. Federal Reserve Meeting
Friday, November 8:
Fed Rate Impact on Indian Market
8:30 PM IST – Preliminary Michigan Consumer Sentiment Index for November
9:30 PM IST – Speech by U.S. Fed Governor Bowman
Additional Global Events
Japan:
Wednesday, November 6 – Bank of Japan Monetary Policy Meeting Minutes
United Kingdom:
Thursday, November 7 – Bank of England Interest Rate Decision
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Disclaimer: The information in this article is intended for informational purposes only and reflects the views of the expert. Before making any investment decisions, it is recommended to seek the advice of a financial advisor. The individuals associated with Gold Price Today do not engage in the personal buying, selling, or trading of gold or silver. We cannot be held liable for any gains or losses incurred.
