Comex Gold, Gold price, silver price, gold silver news: Over the weekend, heightened geopolitical tensions significantly impacted gold and silver prices, pushing gold close to the $2,600 mark. Russia launched its largest airstrike on Ukraine in nearly three months on Sunday, deploying 120 missiles and 90 drones that killed at least seven people and inflicted serious damage on Ukraine’s power infrastructure. Additionally, the Biden administration has permitted Ukraine to use U.S.-made weapons to strike within Russia, marking a notable shift in U.S. policy, according to two U.S. officials.
The conflict between Israel and Hezbollah also escalated after an attack near Israeli Prime Minister Benjamin Netanyahu’s residence, adding further pressure on the markets.
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In contrast, gold and silver prices continued their decline to two-month lows in international markets. This fall came amid robust gains in the U.S. dollar and Bitcoin, with the dollar index reaching a one-year high and U.S. 10-year bond yields holding at 4.5-month highs following Donald Trump’s recent victory in the U.S. presidential election. Major global currencies struggled against the dollar, while global equity markets saw sharp declines, especially in emerging markets, reducing the safe-haven demand for precious metals.
However, mixed U.S. economic data from last week offered some support for precious metals at lower levels.
Manoj Kumar Jain, Director at Prithvi Finmart, commented, “We expect gold and silver prices to remain under pressure amid a strong dollar index, rising U.S. bond yields, and the crypto rally. Prices may encounter significant resistance around $2,614 for gold and $31.80 for silver per troy ounce this week.” For today’s session, Jain identified support for gold at $2,554–$2,540 and resistance at $2,584–$2,600 per troy ounce. Silver support is at $30.10–$29.74, with resistance at $30.70–$31.00 per troy ounce. On the MCX, gold has support at ₹73,720–₹73,440 and resistance at ₹74,220–₹74,480, while silver has support at ₹87,750–₹87,000 and resistance at ₹89,100–₹90,000.
Jain advised caution, suggesting investors avoid new positions in gold and silver today due to the dollar’s strength, and recommended waiting for market stability before entering fresh trades in these metals.
Kedia Commodity Gold, Silver Price Outlook Today
GOLD – 73946
Resistance: 74190-74435-74585
Support: 73795-73645-73400
SILVER – 88421
Resistance: 89290-90155-90645
Support: 87935-87445-86580
GOLD$ – 2571.45
Resistance: 2575.86-2579.43-2590.63
Support: 2568.43-2564.57-2553.37
SILVER$ – 30.3975
Resistance: 30.43-30.47-30.69
Support: 30.33-30.27-30.05
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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.