Gold Price, Silver Price, Trump News: The much-anticipated inauguration of U.S. President Donald Trump is set to be the key event driving gold and silver prices today. Scheduled to take place at 10:30 PM IST, Trump’s speech is expected to impact global financial markets significantly. With U.S. markets closed for the day, all eyes are on the event’s potential implications for the precious metals market.
Another major event to watch this week is the Bank of Japan’s interest rate decision. Analysts widely anticipate that the BoJ may announce a rate hike, which could have significant implications for global financial markets.
Meanwhile, in China, the People’s Bank of China (PBOC) has maintained its 1-year loan prime rate at 3.1% and the 5-year LPR at 3.6%. The PBOC has been taking measures to prevent sharp currency depreciation and ensure foreign exchange stability, aiming to curb excessive volatility.
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Gold and silver have experienced heightened price fluctuations, witnessing profit-taking from higher levels due to a rebound in the dollar index and rising U.S. 10-year bond yields. The dollar index and bond yields, currently at multi-month highs, have capped gains in precious metals. Additionally, upbeat U.S. housing data contributed to profit-taking in gold and silver. However, ongoing global economic uncertainty, concerns surrounding Trump’s speech, and an increase in U.S. jobless claims are lending support to precious metal prices. Furthermore, central bank buying of gold is providing additional price support.
According to Manoj Kumar Jain, Director in Prithvi Finmart gold and silver are holding its key support levels of $2,634 and $29.50 per troy ounce respectively on a weekly closing basis in the international markets. Jain said for today’s session, gold has support at $2,734-$2,722 and resistance at $2,764-$2,780 per troy ounce, while silver has support at $30.84-$30.50 and resistance at $31.40-$31.74 per troy ounce.
Jain said on the MCX, gold finds support at ₹78,770-₹78,440 and resistance at ₹79,300-₹79,550. Silver has support at ₹91,100-₹90,450, with resistance at ₹92,200-₹92,850.
Jain said given the heightened uncertainty ahead of Trump’s speech, it is advisable to stay cautious and avoid aggressive positions in the precious metals market today.
Big Events of the Week
Monday, January 20, 2025
10.30 PM- (United States): Inauguration Day for President Trump;
Markets Closed (Holiday).
Tuesday, January 21, 2025
12:30 PM (United Kingdom): Unemployment Rate for November.
Wednesday, January 22, 2025
08:30 PM (United States): CB Leading Index (MoM) for December.
08:45 PM (Euro Area): ECB President Lagarde Speech.
Thursday, January 23, 2025
07:00 PM (United States): Initial Jobless Claims for the week ending January 18.
Friday, January 24, 2025
03:00 AM (United States): Fed Balance Sheet data (as of January 22).
08:15 PM (United States): S&P Global Composite PMI Flash (January).
08:30 PM (United States): Existing Home Sales (December).
08:30 PM (United States): Michigan Consumer Expectations Final (January).
Friday, January 24, 2025
05:00 AM (Japan): Inflation Rate (YoY for December).
08:30 AM (Japan): BoJ Interest Rate Decision and Quarterly Outlook Report.
Gold Price Today 20 January 2025
99.50~81500
23 KT~79400
22 KT~76200
20 KT~69500
18 KT~62700
14 KT~50000
9999 SILVER:~93900
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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.
