Gold and silver prices declined on Friday, as market sentiment was influenced by rising inflation in Japan and ongoing geopolitical tensions. Japan’s inflation rate surged to a two-year high of 4% in January, up from 3.6% in December, marking the 34th consecutive month above the Bank of Japan’s (BOJ) 2% target. The latest inflation data has strengthened calls for a BOJ rate hike, with policymakers warning of inflation risks and the continued weakness of the yen in their recent meetings.
Meanwhile, geopolitical concerns weighed on global markets as the United States signaled potential sanctions relief for Russia amid negotiations to end the Ukraine war. Treasury Secretary Scott Bessent stated on Thursday that the U.S. may increase or ease sanctions depending on Russia’s willingness to negotiate. President Donald Trump is pushing for a swift resolution to the three-year-long conflict, while his envoy, Kellogg, met with Ukrainian President Volodymyr Zelenskiy. Although the outcome of the meeting remains undisclosed, NATO leaders have emphasized the need for strong security guarantees in any peace agreement. Additionally, U.S. Representative Waltz urged Ukraine to sign a minerals deal, citing Trump’s frustration over delays.
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On Thursday, gold and silver prices rebounded, erasing previous session losses as the U.S. dollar index weakened and jobless claims surged. U.S. jobless claims rose to 219,000, exceeding expectations of 214,000, leading to increased safe-haven demand for precious metals. The ongoing trade tensions between the U.S. and the EU, as well as Trump’s tariff policies, have further fueled uncertainty, supporting gold and silver prices. However, a recovery in the Indian rupee against the U.S. dollar has capped gains in domestic markets.
Market Outlook
According to Manoj Kumar Jain, Director at Prithvi Finmart, gold and silver are likely to remain volatile amid fluctuations in the dollar index, the U.S. trade war, and upcoming U.S. manufacturing PMI data. He expects gold and silver to hold key support levels at $2,880 and $32.40 per troy ounce, respectively, on a weekly closing basis.
- Gold levels: Support at $2,934-$2,922, resistance at $2,970-$2,988 per troy ounce
- Silver levels: Support at $33.10-$32.80, resistance at $33.64-$34.00 per troy ounce
- MCX Gold: Support at ₹85,650-₹85,200, resistance at ₹86,360-₹86,720
- MCX Silver: Support at ₹96,400-₹95,750, resistance at ₹97,850-₹98,600
Jain suggests buying gold on dips around ₹85,650 with a stop-loss at ₹85,300 and a target of ₹86,350.
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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
