Gold Price Big Fall, Silver Price, gold news, silver news: On Monday, gold prices experienced their steepest single-day drop since November 2020. The decline followed news of eased geopolitical tensions with an Israel-Lebanon ceasefire and the nomination of Scott Bessent as U.S. Treasury Secretary, which dampened gold’s appeal as a safe-haven asset.
Adding to the pressure, President-elect Donald Trump announced plans to impose an additional 10% tariff on all Chinese goods entering the U.S. via a post on his platform, Truth Social. This announcement came after he stated that his first executive order on January 20 would include a 25% tariff on all imports from Mexico and Canada. Trump had previously floated the idea of tariffs as high as 60% on Chinese goods during his campaign.
For Expert Views on Gold and Silver Prices Watch Our Youtube Channel- (10 Million Views)
Trump’s nomination of Scott Bessent as U.S. Treasury Secretary, known for his fiscal conservatism, further affected gold’s safe-haven appeal, pressuring precious metals prices lower.
Gold and silver both closed sharply lower internationally on Monday. The December gold futures contract dropped by 2.57% to $2,642.60 per troy ounce, while December silver futures declined by 2.16% to $30.661 per troy ounce. The trend was mirrored in domestic markets, with December gold futures settling at ₹75,311 per 10 grams, down 2.97%, and December silver futures settling at ₹87,699 per kilogram, down 3.38%.
The significant price drop followed reports of an Israel-Lebanon ceasefire agreement, triggering the largest single-day fall in gold since November 2020 as improved risk sentiment reduced demand for safe-haven assets. Trump’s nomination of Bessent as Treasury Secretary also contributed to the decline, though a weaker dollar index and lower U.S. bond yields may provide support for prices at these levels. Today keep an eye on Israel Cabinet meeting. Israel Cabinet to discuss ceasfire today according to various news sources.
Tensions between Russia and Ukraine could also bolster support for gold and silver at these lower levels.
Market Outlook: Support and Resistance Levels
According to Manoj Kumar Jain, Director of Prithvi Finmart, gold and silver prices are likely to remain volatile this week, influenced by fluctuations in the dollar index, U.S. GDP data, and the Fed’s meeting minutes. Jain expects that gold and silver will hold their key support levels of $2,588 and $29.88 per troy ounce, respectively, on a weekly basis.
Jain notes that in today’s session, gold has support at $2,622–2,604 and resistance at $2,658–2,680 per troy ounce, while silver has support at $30.30–30.10 and resistance at $30.84–31.15 per troy ounce. On MCX, gold’s support is at ₹75,000–₹74,740, with resistance at ₹75,660–₹76,000. Silver shows support at ₹86,800–₹86,000, with resistance at ₹88,500–₹89,200.
Jain advises traders to avoid trading in gold and silver today until the markets show some stability, though long-term investors may consider adding to positions during this market dip.
Kedia Commodity View on Gold and Silver price for today
GOLD – 75311
Resistance: 76480-77655-78310
Support: 74650-73995-72820
SILVER – 87699
Resistance: 89510-91320-92305
Support: 86715-85730-83920
GOLD$ – 2610.41
Resistance: 2684.65-2759.83-2771.03
Support: 2569.82-2530.17-2518.97
SILVER$ – 30.1125
Resistance: 31.03-31.94-32.16
Support: 29.6-29.08-28.86
Big Events of The Week
Tuesday, November 26, 2024
07:30 PM (US) – House Price Index (SEP)
08:30 PM (US) – CB Consumer Confidence (NOV)
08:30 PM (US) – New Home Sales (OCT)
12:30 AM (US) – FOMC Minutes
Wednesday, November 27, 2024
07:00 PM (US) – Core PCE Price Index MoM (OCT)
07:00 PM (US) – Durable Goods Orders MoM (OCT)
07:00 PM (US) – GDP Growth Rate QoQ (Q3, 2nd Estimate)
07:00 PM (US) – Personal Income MoM (OCT)
07:00 PM (US) – GDP Price Index QoQ (Q3, 2nd Estimate)
07:00 PM (US) – Initial Jobless Claims (Week of NOV 23) – 213K
07:00 PM (US) – PCE Price Index MoM (OCT) – 0.2%
07:00 PM (US) – Core PCE Price Index YoY (OCT) – 2.7%
07:00 AM (CN) – Industrial Profits (YTD) YoY (OCT)
Thursday, November 28, 2024
Holiday – United States: Thanksgiving Day
Friday, November 29, 2024
Holiday – United States: Early close at 11:30 AM 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
Gold Price Today Digital Media Network
Facebook group of 80,000 jewellers – Sunar Jewellers Ekta – https://www.facebook.com/groups/goldsilverpricenews
Website- https://goldpricetoday.co.in/
Facebook Page- https://www.facebook.com/Goldsilverpricetoday
Instagram- https://www.instagram.com/goldpricetodaynews/
X- https://twitter.com/today_gold
Telegram Group- https://telegram.me/goldsilverprice
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.
