Comex Gold Price, Silver Price, MCX gold: Gold prices are soaring amid escalating geopolitical tensions and policy uncertainties fueled by former U.S. President Donald Trump. On COMEX, gold futures are trading near $2,880 per ounce, with the $2,900 mark within reach. Silver is also gaining momentum, eyeing the $33 level. Gold prices on MCX crossed the historic ₹84,000 level today, rising by ₹300. In contrast, silver saw a slight decline, trading near ₹95,500 with a drop of ₹250.
Geopolitical Unrest Fuels Gold Rally
Trump’s recent proposals, including U.S. ownership of the Gaza Strip and a hardline stance on Iran, have reignited market volatility. Trump declared, “With me, it’s very simple: Iran cannot have a nuclear weapon,” intensifying concerns over Middle East stability.
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Meanwhile, Saudi Arabia reaffirmed it won’t establish ties with Israel without the creation of a Palestinian state, countering Trump’s claims. These developments are creating a ripple effect in global markets, driving safe-haven demand for gold and silver.
Macroeconomic Factors at Play
The Federal Reserve’s cautious approach adds another layer of uncertainty. Fed Vice Chair Philip Jefferson stated, “I do not think we need to be in a hurry to change our stance,” signaling a wait-and-see approach amid global instability.
On Tuesday, gold April futures settled at $2,875.80 per troy ounce, up 0.66%, while silver March futures closed at $33.022, gaining 1.53%. In domestic markets, gold futures ended at ₹83,797 per 10 grams (up 0.62%), and silver at ₹95,709 per kilogram (up 1.54%).
Impact of Trade Wars and Dollar Index Movements
Gold and silver prices extended gains amid trade uncertainties. The U.S. paused tariffs on Canada and Mexico for a month, causing the dollar index to plunge. However, tensions with China escalated as both nations imposed new tariffs, with China launching a probe against Google.
Disappointing U.S. economic data further supported precious metal prices. Analysts expect gold and silver to hold key support levels at $2,770 and $31.40 per ounce, respectively, on a weekly basis.
Expert Insights and Market Outlook
Manoj Kumar Jain, Director at Prithvi Finmart, anticipates continued volatility due to fluctuations in the dollar index, U.S. trade policies, and the upcoming Bank of England policy meeting.
According to Jain:
Gold Support: $2,854-$2,840 | Resistance: $2,888-$2,900 per ounce
Silver Support: $32.80-$32.55 | Resistance: $33.30-$33.50 per ounce
For MCX traders:
Gold Support: ₹83,440-₹83,100 | Resistance: ₹84,050-₹84,400
Silver Support: ₹95,000-₹94,400 | Resistance: ₹96,300-₹97,000
Jain recommends buying silver around ₹95,100 with a stop loss at ₹94,400, targeting ₹96,600.
With geopolitical tensions rising and economic policies shifting rapidly, gold and silver are poised for further gains. Investors are closely watching Trump’s next moves, U.S. trade developments, and central bank policies, all of which will shape the trajectory of precious metal markets in the coming weeks.
Big Events of The Week
Wednesday, February 5, 2025
US:
06:45 PM – ADP Employment Change (January)
07:00 PM – Exports (December)
07:00 PM – Imports (December)
08:30 PM – ISM Services PMI (January)
Thursday, February 6, 2025
US:
06:00 AM – Fed Governor Jefferson Speech
07:00 PM – Initial Jobless Claims (February)
UK
05:30 PM GB BoE Interest Rate Decision
Friday, February 7, 2025
US:
07:00 PM – Non-Farm Payrolls (January)
07:00 PM – Unemployment Rate (January)
08:30 PM – Michigan Consumer Sentiment (Preliminary
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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
