Comex Group Gold, Gold price, silver price, gold silver news, MCX gold price, MCX Silver Price: On Friday, gold and silver prices closed on a positive note in both international and domestic markets, driven by a combination of geopolitical tensions and downbeat U.S. economic data. Gold December futures settled at $2,674.20 per troy ounce, marking a 1.32% increase, while silver December futures rose 1.58% to close at $31.735 per troy ounce. In India, the trend followed suit with gold December futures ending at ₹76,307 per 10 grams, up by 1.34%, and silver December futures closing at ₹91,690 per kilogram, up 1.53%.
Key Drivers Behind Precious Metal Surge
Gold and silver prices made a robust comeback last week, supported by two significant factors: rising geopolitical tensions in the Middle East and weakening U.S. economic indicators. Escalating conflict in the region, particularly Israel’s tensions with Hamas, created global uncertainty, leading investors to turn to safe-haven assets like gold and silver. Furthermore, weaker-than-expected U.S. economic data, such as lower consumer sentiment and rising jobless claims, also provided additional support to precious metals.
On Friday, the University of Michigan reported that its consumer sentiment index fell to 68.9 in October from September’s revised reading of 70.1, reflecting the first decline in three months. The drop was larger than expected, signaling potential concerns about the U.S. economy’s resilience. Adding to that, the latest U.S. jobless claims surged, further fueling concerns about economic stability, which often benefits gold and silver prices as investors seek protection from potential downturns.
Another key factor bolstering precious metal prices was growing speculation about China’s potential economic stimulus measures, which raised hopes of higher demand for gold and silver in the coming months.
Analyst’s Predictions and Market Outlook
Manoj Jain, Director at Prithvi Finmart, had predicted this rally in last week’s report, when gold and silver were trading near critical support levels of $2,622 and $30.40 per troy ounce, respectively. He had advised that if these levels held, short-covering could push prices higher, with targets set at $2,680 for gold and $31.80 for silver – both of which were achieved last week.
Looking ahead, Jain expects volatility in the precious metals market to persist, especially amid continued geopolitical tensions and fluctuations in the U.S. dollar index. He believes on COMEX Futures gold will likely trade within a support range of $2,658-$2,644 per troy ounce and face resistance at $2,688-$2,704 per troy ounce in the short term. For silver, the support range is expected at $31.40-$31.15, with resistance at $32.00-$32.40 per troy ounce.
Domestic Market Insights
In the Indian market, Jain provided specific levels for gold and silver on the Multi Commodity Exchange (MCX). He highlighted that gold has support around ₹76,040-₹75,800 per 10 grams, with resistance expected between ₹76,630-₹76,950. For silver, support is seen at ₹91,000-₹90,220 per kilogram, with resistance between ₹92,400-₹93,300. He recommended buying gold on dips near ₹76,040 with a stop loss at ₹75,770, targeting ₹76,800. For silver, he suggested buying above ₹91,200 with a stop loss at ₹90,350 and a target of ₹93,200.
Upcoming Economic Events
This week, investors will keep a close eye on several important economic events and U.S. Federal Reserve speeches, which are likely to influence gold and silver prices. The key events to watch include:
Monday, October 14, 2024:
6:30 PM – U.S. Fed Kashkari Speech
Tuesday, October 15, 2024:
12:30 AM – U.S. Fed Waller Speech
2:30 AM – U.S. Fed Kashkari Speech
8:30 PM – U.S. Consumer Inflation Expectations for September
Wednesday, October 16, 2024:
4:30 AM – U.S. Fed Bostic Speech
Thursday, October 17, 2024:
6:00 PM – U.S. Retail Sales for September
6:00 PM – U.S. Initial Jobless Claims for the week ending October 12
6:45 PM – U.S. Industrial Production MoM for September
6:45 PM – U.S. Manufacturing Production MoM for September
Friday, October 18, 2024:
6:00 PM – U.S. Building Permits Preliminary data for September
7:00 PM – U.S. Fed Bostic Speech
These events, particularly the inflation expectations report and retail sales data, could further influence market sentiment and precious metal prices. Any dovish comments from Federal Reserve officials or weak economic data may push gold and silver prices higher, while stronger-than-expected results could dampen their rally.
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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.
