What is Gold Price Today | What is Silver Rate today | COMEX Gold | Gold | Silver | Comex Group | Comex Group Gold, IBJA, IBJA Gold Price: Know outlook of Comex gold and silver by Prithvi Finmart, Kedia Commodities COMEX Gold and MCX Gold. Check 24, 22, 18, 14 Carat Gold price today and Silver price 13 September 2024, Friday.
Gold prices neared the $2,600 mark on Comex futures this Friday, with experts suggesting it could soon surpass this level. For a full analysis of gold price movements for the day, read the detailed report here. As the day progresses, it is advised to keep an eye on both gold and silver prices, especially with it being Friday.
On Thursday, gold and silver closed on a positive note in the international markets. December gold futures settled at $2,580.60 per troy ounce, up 1.50%, while December silver futures rose by 4.07%, settling at $30.11 per troy ounce. Domestic markets followed suit, with October gold futures closing at ₹72,824 per 10 grams, gaining 1.25%, and December silver futures ending at ₹87,095 per kilogram, up 3.13%.
Both metals posted strong gains following significant interest rate cuts by the European Central Bank (ECB) and a weakening U.S. dollar index. The ECB lowered deposit rates by 25 basis points to 3.50% and refinancing rates by 60 basis points to 3.65% from the previous 4.25%. The dollar index dropped, and U.S. 10-year bond yields fell below 3.70%. Gold prices reached all-time highs in the international markets, while silver surged to a three-week high after the ECB’s rate cuts.
In the U.S., CPI inflation met expectations, and jobless claims rose to 230,000 from 227,000 the previous week. The inflation and unemployment data may prompt the U.S. Federal Reserve to consider larger rate cuts in upcoming policy meetings, which could further support gold and silver prices.
Manoj Kumar Jain, Director at Prithvi Finmart, anticipates that gold and silver prices will remain positive in the near term, citing a weaker dollar index and a rebound in crude oil prices. Gold is expected to hold its support at $2,500 and silver at $28.80 per troy ounce on a weekly closing basis. For the day, gold has support at $2,558–$2,544 and resistance at $2,600–$2,622 per troy ounce. Silver’s support is at $29.74–$29.40, with resistance at $30.44–$30.74 per troy ounce.
In the MCX market, gold has support at ₹72,550–₹72,270 and resistance at ₹73,050–₹73,300, while silver has support at ₹86,300–₹85,500 and resistance at ₹87,750–₹88,400. Jain suggests buying gold on dips around ₹72,550, with a stop loss of ₹72,250, targeting ₹73,100.
Kedia Commodity reports that gold prices have remained near all-time highs, driven by a weaker dollar and investors focusing on U.S. economic data for clues about the Federal Reserve’s upcoming policy decisions. Recent data showed that U.S. producer prices rose slightly more than expected in August, but the overall trend continues to point to easing inflation. Additionally, labor market data revealed a modest increase in unemployment benefit claims last week. The International Monetary Fund (IMF) stated that the U.S. Federal Reserve could begin its long-anticipated monetary easing cycle in the upcoming meeting, as inflationary pressures have diminished. On Thursday, SPDR Gold Trust reported a 0.53% increase in its holdings to 870.78 tonnes.
Key upcoming economic releases include Euro Zone Industrial Production m/m and U.S. Import Prices m/m, along with preliminary readings for UoM Consumer Sentiment and UoM Inflation Expectations.
Kedia Commodity’s Gold Support and Resistance Levels:
Gold prices are expected to find support at $2,542 and face resistance at $2,585 per ounce.
In the MCX market, gold has support at ₹72,400 and resistance at ₹73,300.
Silver Price Update
Silver prices also saw gains amid expectations of a Federal Reserve rate cut, supported by signs of a slowing U.S. economy. The U.S. Labor Department reported an increase of 2,000 in initial unemployment claims, bringing the total to a seasonally adjusted 230,000. Meanwhile, U.S. producer prices rose slightly higher than anticipated in August due to increased service costs, although the overall trend suggests declining inflation. According to the CME FedWatch tool, markets are currently pricing in a 57% chance of a 25-basis-point rate cut at the Fed’s meeting on September 17-18 and a 43% probability of a 50-basis-point cut. This would mark the first rate reduction since March 2020. In Europe, the European Central Bank (ECB) also cut interest rates by 25 basis points, signaling growing confidence that inflation will continue to decline.
Kedia Commodity’s Silver Support and Resistance Levels:
Silver prices are expected to find support at $29.40 and face resistance at $30.60 per ounce.
In the MCX market, silver has support at ₹86,000 and resistance at ₹88,200.
IBJA Gold Price Today in Carats, fineness and Purity:
Without GST
999 Rs 71801
995 Rs 71514
916 Rs 65770
750 Rs 53851
585 Rs 42004
Silver
999 Rs 83188
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Note: The prices listed on Gold Price Today are sourced from various jewellers and bullion associations across the country. The price of gold and silver in your city may vary, as local jewellers add GST, making charges, and hallmarking fees to the base price. Additionally, many jewellers charge a premium for their brand, leading to differences in gold and silver prices at different shops.
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.
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