Gold Price, US Fed Rate Cut, US Federal Reserve Meeting Date and Time, US Election Result, Donald Trump: This week promises significant shifts in gold and silver prices as two major events—the U.S. Presidential election on November 5 and the Federal Reserve meeting on November 7—are set to influence future trends in precious metals. Investors are also closely monitoring global geopolitical tensions, which could further impact price dynamics.
In recent trading, gold and silver have shown heightened volatility, with some profit-taking at recent highs. Mixed U.S. economic data, alongside a strong dollar index above 104 and sustained U.S. 10-year bond yields over 4.25%, has capped potential gains for precious metals. However, the larger-than-expected drop in U.S. non-farm payrolls has helped to support gold and silver at lower levels. Nonetheless, market uncertainty over the U.S. Presidential election and the dollar’s safe-haven demand are limiting the upside for gold and silver.
According to Manoj Kumar Jain, Director at Prithvi Finmart, “We expect gold and silver prices to remain volatile this week, with the U.S. Presidential election, Fed policy meeting, fluctuations in the dollar index, and geopolitical tensions impacting movement. However, gold and silver could hold support levels at $2,664 and $30.80 per troy ounce, respectively, on a weekly closing basis.”
Jain further notes that “Gold has support at $2,734–$2,722, with resistance at $2,762–$2,778 per troy ounce, while silver has support at $32.40–$32.00 and resistance at $32.94–$33.30 per troy ounce.” On MCX, gold support lies between ₹78,660–₹78,320, with resistance at ₹79,100–₹79,350, while silver finds support at ₹94,750–₹94,100 and resistance at ₹96,200–₹97,000. Jain advises waiting for corrective dips to initiate new long positions as current levels are not favorable for risk-reward, though long-term prospects for both metals remain positive.
Key Events Impacting Gold and Silver Prices This Week
Monday, November 4:
8:30 PM IST – U.S. Factory Orders (MoM) for September
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.
