Gold Price, Silver Price, Gold Silver News: China’s December factory activity growth fell short of expectations, sparking concerns about the efficacy of Beijing’s stimulus measures to revitalize its slowing economy. The official Purchasing Managers’ Index (PMI) came in at 50.1, just above the expansion threshold but below Reuters’ forecast of 50.3. This follows November’s reading of 50.3 and October’s 50.1, signaling stagnant growth.
On January 1, 2025, Commodity (MCX/NCDEX) market will remain open for morning session from 9.00am to 5.00pm.
In the international markets, gold and silver closed lower on Monday. Gold February futures settled at $2,618.10 per troy ounce, down 0.52%, while silver March futures dropped 1.86% to $29.412 per troy ounce. The domestic markets reflected similar trends, with gold February futures closing at ₹76,260 per 10 grams (-0.37%) and silver March futures at ₹87,531 per kilogram (-1.53%).
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The decline in precious metals followed stronger-than-expected U.S. pending home sales data, which surged by 2.2% in November, exceeding October’s 1.8% growth and a forecasted 0.9%. The robust data buoyed the dollar index to near two-year highs and sustained U.S. 10-year bond yields above 4.50%, pressuring gold and silver.
Manoj Kumar Jain, Director at Prithvi Finmart, highlighted gold’s critical support at $2,588 per troy ounce, with further weakness likely if this level is breached. Resistance is seen at $2,634–$2,650. Silver, which breached its $29.88 support, could test the $28.80 level in the short term, with resistance at $29.66–$29.88.
In the domestic market, gold has support at ₹76,040–₹75,800 and resistance at ₹76,500–₹76,770, while silver’s support is at ₹86,800–₹86,150, with resistance at ₹88,200–₹89,000. Jain expects prices to remain volatile this week, citing fluctuations in the dollar index and global financial markets.
Gold Price Today 31-12-2024
99.50~78200 (-500)
23 KT~76200
22 KT~73100
20 KT~66600
18 KT~60100
14 KT~47900
9999 SILVER: 88500 (-1700)
Big Events of The Week
Tuesday, Dec 31, 2024: U.S. House Price Index (Oct) – 7:30 PM
Wednesday, Jan 1, 2025: New Year Holiday
Thursday, Jan 2, 2025: U.S. Initial Jobless Claims (Dec 28) – 7:00 PM; S&P Global Manufacturing PMI Final (Dec) – 8:15 PM
Friday, Jan 3, 2025: U.S. ISM Manufacturing PMI (Dec) – 8:30 PM
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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.
