Gold Price, Silver Price, China Gold buying, ECB Meeting Date: The People’s Bank of China (PBOC) resumed gold purchases in November, reporting a 5-tonne increase in its reserves, now totaling 2,269 tonnes. This marks the first addition since April. Meanwhile, the National Bank of Poland added 21 tonnes to its gold reserves in November, extending its buying streak to eight consecutive months. Year-to-date, Poland’s net gold purchases stand at 90 tonnes, raising its total reserves to 448 tonnes.
In 2024, China’s gold jewellery demand has significantly weakened, while investment demand remains robust. According to the World Gold Council, the decline in jewellery demand could moderate, while investment growth is likely to slow in 2025.
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This week, markets are focused on the ECB meeting, China’s Central Economic Work Conference, and critical U.S. inflation data, signaling potential volatility for gold and silver prices.
Geopolitical Developments
Former U.S. President Donald Trump stirred controversy with a Twitter post on the Syria crisis, stating:
“There was never much of a benefit in Syria for Russia, other than to make Obama look really stupid. In any event, Syria is a mess, but is not our friend, & THE UNITED STATES SHOULD HAVE NOTHING TO DO WITH IT. THIS IS NOT OUR FIGHT. LET IT PLAY OUT. DO NOT GET INVOLVED!”
Market Performance
On Friday, gold and silver closed on a positive note in the international markets:
Gold February Futures: Settled at $2,659.60 per troy ounce, up by 0.42%.
Silver March Futures: Settled at $31.588 per troy ounce, up by 0.16%.
In the domestic market, gold and silver also ended slightly higher:
Gold February Futures: Closed at ₹76,619 per 10 grams, up by 0.19%.
Silver March Futures: Closed at ₹92,448 per kilogram, up by 0.03%.
Key Drivers
Gold and silver traded within a narrow range last week, maintaining key support levels on a weekly closing basis. Mixed U.S. economic data influenced the bullion markets:
– Better-than-expected job data limited gains.
– Higher unemployment rates and a surge in jobless claims supported prices.
– Declines in the dollar index and U.S. bond yields provided further relief.
– Political instability in France and the Russia-Ukraine conflict also contributed to price resilience, while a weaker rupee against the U.S. dollar supported domestic prices.
Expert Outlook
According to Manoj Kumar Jain, Director at Prithvi Finmart, gold and silver prices are expected to remain volatile this week, driven by fluctuations in the dollar index and U.S. inflation data.
Manoj Kumar Jain Key weekly support and resistance levels are as follows:
Gold (COMEX): Support at $2,642–$2,628, resistance at $2,674–$2,688.
Silver (COMEX): Support at $31.30–$31.00, resistance at $31.84–$32.10.
Gold (MCX): Support at ₹76,400–₹76,180, resistance at ₹76,850–₹77,100.
Silver (MCX): Support at ₹91,800–₹91,150, resistance at ₹93,000–₹93,600.
Manoj Kumar Jain suggest buying gold on dips around 76300 with a stop loss of 76040 for the target of 76850 and also suggest buying silver around 91800 with a stop loss of 91150 for the target of 93000.
SMC Global Says On COMEX, gold is forecasted to trade between $2,570–$2,690, while silver may range from $30.50–$33.00. On MCX, gold is expected to trade within ₹75,100–₹77,900, and silver between ₹88,900–₹95,000, as investors weigh mixed market cues.
Key Events of the Week
Monday, December 9, 2024
China
07:00 AM: Inflation Rate YoY (NOV)
United States
09:30 PM: Consumer Inflation Expectations (NOV)
Tuesday, December 10, 2024
United States
07:00 PM: Nonfarm Productivity QoQ (Final Q3)
Wednesday, December 11, 2024
United States
07:00 PM: Core Inflation Rate MoM (NOV)
07:00 PM: Core Inflation Rate YoY (NOV)
07:00 PM: Inflation Rate MoM (NOV)
China
Central Economic Work Conference
Thursday, December 12, 2024
United States
07:00 PM: PPI MoM (NOV)
07:00 PM: Core PPI MoM (NOV)
07:00 PM: Initial Jobless Claims (DEC/07)
Euro Area
06:45 PM: ECB Interest Rate Decision
07:15 PM: ECB Press Conference
08:15 PM: ECB Economic Projections
08:45 PM: Speech by ECB President Lagarde
Friday, December 13, 2024
United States
03:00 AM: Fed Balance Sheet
07:00 PM: Export Prices MoM (NOV)
Geopolitical Tensions
Russia-Ukraine Conflict
Syria Crisis
Israel-Hamas Conflict
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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.
