Gold Price, Comex Gold Price, Comex Silver Price, Gold News: Gold and silver prices started Friday on a positive note in the international markets, with silver climbing over 1% and gold trading near $2,650 per troy ounce. Tokyo’s November headline inflation rate rebounded to 2.6% from October’s 1.8%, while core inflation excluding fresh food costs rose to 2.2%, slightly above expectations. Meanwhile, the U.S. Dollar Index hovers around 106. U.S. markets remained closed on Thursday for the Thanksgiving holiday and will operate for a half day on Friday.
On Thursday, gold and silver posted slight gains in thin-volume trading due to the U.S. Thanksgiving holiday. Gold February futures settled at $2,661.50 per troy ounce (+0.01%), and silver March futures closed at $30.685 per troy ounce (+0.38%). In domestic markets, gold February futures ended at ₹76,556 per 10 grams (+0.05%), while silver March futures closed at ₹90,135 per kilogram (+0.42%).
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The recovery in precious metal prices stemmed from speculation of Federal Reserve rate cuts in December, despite marginally higher U.S. Core PCE inflation data of 2.8% for October, above the Fed’s 2% target. A resilient U.S. job market provides room for potential rate adjustments. Additionally, escalating Russia-Ukraine tensions, marked by long-range missile strikes, supported prices, although gains might be capped by a possible ceasefire deal between Israel and Hamas.
Market Outlook
Manoj Jain predicts continued price volatility due to geopolitical tensions and fluctuations in the dollar index. Key support and resistance levels for gold are $2,645-$2,632 and $2,680-$2,694, respectively, while silver’s range is $30.35-$30.10 (support) and $30.88-$31.20 (resistance).
On MCX, gold has support at ₹76,300-₹76,040 and resistance at ₹76,800-₹77,100. Silver’s support is at ₹89,350-₹88,700, with resistance at ₹90,800-₹91,450. Jain recommends buying silver around ₹89,500 with a stop loss of ₹88,750, targeting ₹90,800.
Big Events Today
Friday, November 29, 2024
Holiday – United States: Early close at 11:30 PM IST, Normal close at 1:30 AM IST
03:30 PM (EA) – Eurozone Inflation Rate YoY Flash (NOV)
03:30 PM (EA) – Eurozone Core Inflation Rate YoY Flash (NOV)
05:20 AM (JP) – Japan Industrial Production MoM Prelim (OCT)
05:20 AM (JP) – Japan Retail Sales YoY (OCT)
Geopolitical Tensions
Russia-Ukraine Conflict
Israel-Hamas Conflict
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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.