Comex Gold, Big Fall Gold Price, MCX gold price, MCX Silver price: Gold and silver on Tuesday, closed with mixed results in international markets. The December gold futures settled at $2,606.30 per troy ounce, down 0.44%, while silver December futures ended at $30.759 per troy ounce, up 0.48%. Domestic markets also showed a mixed trend, with December gold futures closing at Rs 74,901 per 10 grams, down 0.60%, and silver December futures finishing at Rs 89,327 per kilogram, up 0.16%.
Gold and silver are under pressure due to strength in the dollar index, cryptocurrencies, and U.S. equities following Trump’s recent presidential election win. The dollar index has hit a 6.5-month high, while Bitcoin surged to $90,000 per coin, reflecting Trump’s pro-crypto stance. These factors have weighed on precious metals, with gold testing support around $2,600 per troy ounce, a two-month low, and silver falling to $30.20 per troy ounce, marking a six-week low before rebounding.
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Additionally, U.S. 10-year bond yields are at four-month highs, reducing the safe-haven appeal of gold and silver. Market sentiment appears oversold, with a possible rebound, or “dead cat bounce,” anticipated after today’s inflation data, set to release at 7 PM IST.
Manoj Kumar Jain, Director at Prithvi Finmart, commented, “We expect gold and silver prices to remain volatile this week ahead of the U.S. inflation data and fluctuations in global financial markets. Gold has support at $2,584-$2,566, with resistance at $2,622-$2,645 per troy ounce, while silver’s support is at $30.45-$30.20, with resistance at $31.00-$31.34 per troy ounce in today’s session. On MCX, gold has support at Rs 74,640-Rs 74,400 and resistance at Rs 75,220-Rs 75,500, while silver’s support is at Rs 88,500-Rs 88,000 with resistance at Rs 89,950-Rs 90,600. We suggest buying silver on dips around Rs 89,000 with a stop loss of Rs 88,200, targeting Rs 90,500.”
Kedia Commodity Gold Silver Price Outlook Today
MCX Gold: Gold MCX prices look to get support at 74500 and resistance at 75300.
MCX Silver: Silver MCX prices look to get support at 88100 and resistance at 90600.
Spot Gold: Gold prices look to get support at 2588$ and resistance at 2632$.
Spot Silver: prices look to get support at 30.50$ and resistance at 31.50$.
IIDM Daily update on Spot Gold
Spot Gold marked losses for third straight session, down by 0.7% and touched almost 2-months low of $2589/oz on Tuesday on a stronger US dollar and as traders await Fed cues.
Resistance level is situated at 2610 above which we can see an upside move towards 2625-2630. Crucial support zone is seen at 2590/85 below which a further dip towards 2575-2560 can be seen.
Big Event of the Week
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)
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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.
