Gold Price Today, Silver Price Today: Gold and silver prices opened flat today as markets await key economic data, including the ADP Employment Change for November and a speech by Federal Reserve Chair Jerome Powell. On the geopolitical front, South Korea briefly implemented emergency martial law, which was later lifted after its parliament rejected the related bill.
Additionally, investor focus remains on China’s Annual Central Economic Work Conference, scheduled for December 11, 2024. The high-profile event aims to set economic targets and outline stimulus plans for 2025, with top leaders like President Xi Jinping and senior financial regulators expected to participate. Although the Communist Party keeps the meeting’s start date confidential, public notification will follow its conclusion.
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On Tuesday, gold and silver closed on a positive note in international markets. Gold February futures settled at $2,667.90 per troy ounce, up 0.36%, while silver March futures closed at $31.49 per troy ounce, up 2.03%. Domestic markets mirrored this trend, with gold February futures rising 0.28% to ₹76,903 per 10 grams and silver March futures gaining 1.53% to ₹92,197 per kilogram. The rebound was supported by mild profit-taking in the dollar index, an uptick in crude oil prices, and safe-haven demand triggered by geopolitical tensions in South Korea. Meanwhile, political instability in France, where Marine Le Pen plans to move a no-confidence motion against Prime Minister Michel Barnier, also added to safe-haven buying in precious metals.
Outlook for Gold and Silver Prices
Manoj Kumar Jain, Director at Prithvi Finmart
Expects gold and silver prices to remain volatile this week amid fluctuations in the dollar index, the Fed Chairman’s speech, and U.S. monthly job reports. However, gold and silver are likely to hold their key support levels of $2,588 and $29.88 per troy ounce, respectively, on a weekly closing basis.
For the session, gold has support at $2,654-$2,640 and resistance at $2,680-$2,700 per troy ounce. Silver has support at $31.10-$30.80 and resistance at $31.74-$32.00 per troy ounce. On the MCX, gold has support at ₹76,660-₹76,400 and resistance at ₹77,220-₹77,500, while silver has support at ₹91,600-₹90,850 and resistance at ₹92,800-₹93,500. Jain suggests buying gold on dips around ₹76,600 with a stop loss at ₹76,300 for a target of ₹77,200.
Kedia Commodity Update for Today
Gold:
Gold is experiencing long liquidation, with open interest decreasing by 2.07% to 12,375 contracts. Immediate support is identified at ₹76,245, with the potential to test ₹75,805 if breached. Resistance is positioned at ₹77,080, and a breakout could push prices towards ₹77,475. The anticipated trading range for gold today is ₹75,805-₹77,475.
Silver:
Silver is under fresh selling pressure, with open interest increasing by 2.93% to 25,871 contracts. Support is located at ₹89,975, with a possible decline to ₹89,145 if broken. Resistance is at ₹91,510, and surpassing this level could lead to prices targeting ₹92,215. The expected trading range for silver is ₹89,145-₹92,215.
IIDM Daily Update:
Key resistance is at $2,650, above which prices may move towards $2,665-$2,675. Crucial support is seen at $2,625, with further dips potentially testing $2,610-$2,595.
Big Events of the Week- Wednesday, December 4, 2024
United States:
2:15 AM: Speech by Fed President Austan Goolsbee
6:45 PM: ADP Employment Change (November)
7:15 PM: Speech by Fed Governor Lisa Musalem
8:15 PM: S&P Global Composite PMI Final (November)
8:30 PM: ISM Services PMI (November)
8:30 PM: Factory Orders MoM (October)
12:15 AM: Speech by Fed Chair Jerome Powell
Thursday, December 5, 2024
United States:
7:00 PM: Initial Jobless Claims (Week Ending November 30)
Friday, December 6, 2024
United States:
7:00 PM: Non-Farm Payrolls (November)
7:00 PM: Unemployment Rate (November)
8:30 PM: Michigan Consumer Sentiment Preliminary (December)
9:00 PM: Speech by Fed President Austan Goolsbee
10:30 PM: Speech by Fed Governor Sarah Hammack
11:30 PM: Speech by Fed President Mary Daly
1:30 AM: Consumer Credit Change (October)
Euro Area:
3:30 PM: GDP Growth Rate QoQ 3rd Estimate (Q3)
Geopolitical Focus:
Russia-Ukraine Tensions:
Ongoing geopolitical challenges between Russia and Ukraine continue to weigh on global markets, with potential implications for energy and precious metals prices.
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Disclaimer:
The information provided in this article is for informational purposes only and reflects the views of industry experts. Before making any investment decisions, it is recommended that you consult a financial advisor. The team at Gold Price Today does not engage in personal buying, selling, or trading of gold or silver on exchanges. We are not responsible for any gains or losses incurred based on the information presented here.
