Comex Group Gold, Comex Silver price, MCX gold price, MCX Silver, Comex gold price today: Gold and silver prices are trading lower this week, with key economic events, including U.S. inflation and job data, and a speech by Federal Reserve Chair Jerome Powell, set to impact the precious metals market outlook.
On Friday, both gold and silver closed on a weaker note in international markets, with December gold futures settling at $2,694.80 per troy ounce, down by 0.41%, and December silver futures at $31.449 per troy ounce, down by 1.29%. The domestic markets mirrored this trend, as December gold futures closed at Rs 77,272 per 10 grams (down 0.18%) and December silver futures at Rs 91,269 per kilogram (down 1.13%).
This dip comes as both metals struggled to hold recent gains amid a rebound in the dollar index. U.S. consumer sentiment surged to 73, further pressuring gold and silver. Additionally, China’s central bank paused gold purchases starting in October, adding a bearish factor, while Donald Trump’s recent election victory has introduced uncertainty into the financial markets, leading to profit-taking in precious metals.
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According to Manoj Kumar Jain, Director of Prithvi Finmart, this week’s U.S. inflation data will be crucial in shaping the bullion market’s direction. Gold is currently trading near its key support level of $2,692, with silver near $30.80. A dip below these levels could indicate further downside in the sessions ahead, though the long-term trend for both metals remains bullish.
Jain noted, “Gold and silver are likely to remain volatile this week with U.S. inflation data in focus. For today’s session, gold has support at $2,680-$2,664 and resistance at $2,716-$2,734 per troy ounce, while silver has support at $31.10-$30.80 and resistance at $31.74-$32.05 per troy ounce. On the MCX, gold support levels are at Rs 77,000-76,620 with resistance at Rs 77,500-77,750, while silver has support at Rs 90,450-89,600 and resistance at Rs 91,850-92,600. We recommend selling on rallies around Rs 77,600 with a stop loss of Rs 77,880 and a target of Rs 77,000.”
IIDM reports that key resistance is at 2700, and sustained trading above this level could pave the way for a rise to 2720-2730. Strong support is positioned at 2670; a drop below this level could trigger further declines toward 2650-2640.
Kedia Commodity states that the MCX gold trading range for the day is 76,705-77,915, with prices remaining stable amid the Fed’s dovish rate cut and indications of a flexible policy approach ahead. The trading range for silver is set at 90,115-93,055.
Big Key Economic Events This Week:
Tuesday, November 12
08:30 PM – U.S. Fed Waller Speech
08:45 PM – U.S. Fed Barkin Speech
09:30 PM – U.S. Consumer Inflation Expectations (October)
Wednesday, November 13
07:00 PM – U.S. Core Inflation Rate MoM (October)
07:00 PM – U.S. Inflation Rate MoM (October)
07:00 PM – U.S. CPI (October)
Thursday, November 14
02:00 AM – U.S. Fed Schmid Speech
07:00 PM – U.S. PPI MoM (October)
07:00 PM – U.S. Initial Jobless Claims (November 9)
07:00 PM – U.S. Core PPI MoM (October)
07:45 PM – U.S. Fed Barkin Speech
01:30 AM – U.S. Fed Chair Powell Speech
Friday, November 15
05:20 AM – Japan GDP Growth Rate QoQ Prel (Q3)
07:30 AM – China Industrial Production YoY (October)
07:00 PM – U.S. Retail Sales MoM (October)
07:45 PM – U.S. Industrial Production MoM (October)
07:45 PM – U.S. Manufacturing Production MoM (October)
Additionally, recent geopolitical tensions and statements from Donald Trump are likely to add to market volatility.
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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. We are not responsible for any gains or losses incurred based on the information presented here.