Comex Gold prices are poised to cross the $2,700 mark, according to leading Indian brokerage firms. This week, investors should keep a close watch on key U.S. economic indicators such as unemployment claims, GDP data, and Federal Reserve Chair Jerome Powell’s speech, which are expected to influence the gold market significantly.
Last Friday, gold and silver both closed on a positive note in international markets. Gold December futures settled at $2,647.10 per troy ounce, up by 1.24%, while silver December futures ended at $31.495 per troy ounce, rising by 0.23%. In the domestic market, gold October futures concluded at ₹74,040 per 10 grams, gaining 0.82%, and silver December futures closed at ₹90,135 per kilogram, up by 0.19%.
Last week, both metals experienced high volatility and significant gains following the Federal Reserve’s aggressive 50-basis-point rate cut and a weakening dollar index. This rate cut, coupled with the Bank of England and Bank of Japan maintaining their rates, bolstered bullion prices. Escalating geopolitical tensions in the Middle East further supported safe-haven buying, pushing gold prices to record highs and silver to a two-month peak. Both precious metals are in a long-term bullish phase, with potential for further gains in the coming months.
In its weekly report, SMC Global stated, “In a low-rate environment, gold thrives as a safe-haven asset, especially amid recessionary fears. Tensions in the Middle East have also contributed to safe-haven demand for gold. COMEX gold looks strong, with potential to target $2,700 and support near $2,520. Silver is expected to trade between $30 and $33. On the MCX, gold could move with a bullish bias, with support around ₹72,000 and resistance near ₹75,000. Silver is projected to trade between ₹84,000 and ₹93,000.”
Manoj Kumar Jain, Director at Prithvi Finmart, commented, “Any dips in the prices would be a good buying opportunity in gold and silver. We expect prices to remain volatile this week amid fluctuations in the dollar index and geopolitical tensions but to hold their support levels of $2,564 and $29.80 per troy ounce, respectively, on a weekly closing basis. Gold has support at $2,622-2,610, while resistance is at $2,666-2,684 per troy ounce. Silver has support at $31.20-30.88, with resistance at $31.80-32.10 per troy ounce in today’s session. On the MCX, gold is supported at ₹73,800-73,550 and has resistance at ₹74,280-74,600, while silver is supported at ₹89,550-88,800 and faces resistance at ₹90,650-91,200. We suggest waiting for some corrective dips before initiating fresh long positions; the overall trend for both metals remains bullish, but aggressive buying at current levels should be avoided.”
Key Events and Data Releases for the Week:
- Monday, September 23, 2024
- 05:30 PM: US Fed Bostic Speech
- 07:15 PM: US S&P Global Composite PMI Flash (SEP)
- 07:15 PM: US S&P Global Manufacturing PMI Flash (SEP)
- 07:45 PM: US Fed Goolsbee Speech
- Tuesday, September 24, 2024
- 06:30 PM: US House Price Index MoM (JUL)
- 07:30 PM: US CB Consumer Confidence (SEP)
- Wednesday, September 25, 2024
- 07:30 PM: US New Home Sales (AUG)
- 07:30 PM: US New Home Sales MoM (AUG)
- Thursday, September 26, 2024
- 06:00 PM: US Durable Goods Orders MoM (AUG)
- 06:00 PM: US GDP Growth Rate QoQ Final (Q2) (Forecast: 3%)
- 06:00 PM: US GDP Price Index QoQ Final (Q2)
- 06:00 PM: US Initial Jobless Claims (SEP 21) (Forecast: 222.0K)
- 06:00 PM: US Core PCE Prices QoQ Final (Q2) (Forecast: 2.8%)
- 06:50 PM: US Fed Chair Powell Speech
- 07:30 PM: US Pending Home Sales MoM (AUG)
- Friday, September 27, 2024
- 06:00 PM: US Core PCE Price Index MoM (AUG)
- 06:00 PM: US Personal Income MoM (AUG)
- 06:00 PM: US Personal Spending MoM (AUG)
- 06:00 PM: US PCE Price Index MoM (AUG)
- 06:00 PM: US Core PCE Price Index YoY (AUG)
- Japan
- Thursday, September 26, 2024
- 05:20 AM: JP BoJ Monetary Policy Meeting Minutes
- Thursday, September 26, 2024
The data releases and speeches this week will be closely monitored, as they are expected to impact the gold and silver markets significantly. Market participants should also pay attention to geopolitical tensions, the upcoming U.S. elections, and central bank gold purchases, which could further influence the trajectory of precious metals.
Gold Price Today Digital Media Network
Youtube Channel- https://youtube.com/GoldPriceTodayNews (5 Million Views)
Facebook group of 80,000 jewellers – Sunar Jewellers Ekta – https://www.facebook.com/groups/goldsilverpricenews
Website- https://goldpricetoday.co.in/
Facebook Page- https://www.facebook.com/Goldsilverpricetoday
Instagram- https://www.instagram.com/goldpricetodaynews/
X- https://twitter.com/today_gold
Telegram Group- https://telegram.me/goldsilverprice
Get News on Whatsapp, Send Your City Name- +918448469588
