Gold Price, Silver Price, US Fed Meeting, Fed Rate Cut: The two-day Federal Reserve meeting on interest rates begins today, with markets closely monitoring the central bank’s decision and its projections for 2025. Anticipation is high as 99% of analysts on the Fedwatch tool expect a rate cut, which could influence gold and silver prices in the near term.
The Bank of Japan (BOJ) is also set to meet this week, with economists predicting no change to its benchmark interest rate, which currently stands at 0.25%. A CNBC survey conducted between December 9–13 revealed a slim majority—54% or 13 out of 24 economists—expect the BOJ to hold rates steady. However, an equal number of economists foresee a potential rate hike in January as the BOJ evaluates domestic wage trends, spending, and external factors like U.S. policy shifts under President-elect Donald Trump.
In China, Premier Li Qiang urged government officials to act promptly on key economic priorities for 2025. During a cabinet meeting on Monday, Li emphasized the need to implement plans outlined at the Central Economic Work Conference “as early as possible,” signaling stronger stimulus measures in the coming year, as reported by Xinhua News Agency.
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Meanwhile, in the 2025 precious metals outlook, Nicky Shiels, Head of Research & Metals Strategy at MKS PAMP, forecasts gold will trade within a broad range of $2,500 to $3,200 per ounce, driven largely by the Federal Reserve’s policies. MKS projects an average gold price of $2,750 per ounce for 2025, reflecting a 14% increase from this year’s average.
Gold and silver prices traded within a tight range on Monday amid mixed U.S. economic data. Traders are awaiting cues from the Fed’s meeting, which could provide much-needed direction for the bullion markets.
The mixed U.S. data showed manufacturing weakness and strong service sector activity. The U.S. flash manufacturing PMI dropped to 48.3, its lowest in three months, while the Empire State Manufacturing Index plunged to 0.2 in December from 31.2. However, the service sector PMI rose to 58.5, reaching a three-year high.
Manoj Kumar Jain, Prithvi Finmart
Manoj Kumar Jain, Director at Prithvi Finmart, expects gold and silver prices to remain volatile this week due to fluctuations in the dollar index and the Fed’s decisions. Gold’s key support levels are at $2,658–2,642, with resistance at $2,684–2,700 per ounce. For silver, support lies at $30.74–30.40, with resistance at $31.40–31.70 per ounce.
On the MCX, gold is supported at ₹76,800–76,550 and faces resistance at ₹77,330–77,600, while silver has support at ₹90,450–89,600 and resistance at ₹91,950–92,400. Jain recommends buying silver on dips around ₹90,750 with a stop loss at ₹90,100 for a target of ₹92,000.
Commodity Insights:
Kedia Commodity: Gold’s trading range for the day is ₹76,625–77,615; silver is expected to move between ₹90,350–91,990.
IIDM: Gold’s key resistance lies at $2,665–2,670, with upside potential to $2,685–2,695. Support is seen at $2,640, below which prices could dip to $2,625–2,610.
Big Events of The Week
Tuesday, December 17, 2024
US
7:00 PM: Retail Sales MoM (NOV)
7:00 PM: Retail Sales YoY (NOV)
7:45 PM: Industrial Production MoM (NOV)
Wednesday, December 18, 2024
US
7:00 PM: Building Permits Prel (NOV)
7:00 PM: Housing Starts (NOV)
12:30 AM: Fed Interest Rate Decision
12:30 AM: FOMC Economic Projections
12:30 AM: Interest Rate Projection – Longer Term
1:00 AM: Fed Press Conference
Euro Area (EA)
3:30 PM: Inflation Rate YoY Final (NOV)
Thursday, December 19, 2024
US
7:00 PM: GDP Growth Rate QoQ Final (Q3)
7:00 PM: GDP Price Index QoQ Final (Q3)
7:00 PM: Initial Jobless Claims (DEC 14)
7:00 PM: Core PCE Prices QoQ Final (Q3)
8:30 PM: Existing Home Sales (NOV)
United Kingdom (UK)
5:30 PM: BoE Interest Rate Decision
Japan (JP)
8:30 AM: BoJ Interest Rate Decision
Friday, December 20, 2024
7:00 PM: Core PCE Price Index MoM (NOV)
7:00 PM: Personal Income MoM (NOV)
7:00 PM: Personal Spending MoM (NOV)
8:30 PM: Michigan Consumer Sentiment Final (DEC)
China
6:45 AM: Loan Prime Rate 1Y
6:45 AM: Loan Prime Rate 5Y
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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.
