Gold Drops Significantly, Spot gold near $2,550 with Markets Focused on Fed Chair Powell’s Speech Today

big fall gold and silver prices

Comex Gold, Big Fall Gold Price, MCX gold price, MCX Silver price: Gold and silver prices continue their downward slide, with spot gold approaching the $2,550 mark, influenced by various macroeconomic factors. Today’s spotlight is on Federal Reserve Chair Jerome Powell’s upcoming speech and the release of Producer Price Index (PPI) data, which could further shape market sentiment.

On Wednesday, both metals settled lower in international markets. Comex Gold’s December futures contract closed at $2,586.50 per troy ounce, a decline of 0.76%, while silver’s December futures ended at $30.663 per troy ounce, down by 0.31%. Domestic markets mirrored the trend as gold December futures settled at ₹74,482 per 10 grams (down 0.56%) and silver December futures at ₹89,197 per kilogram (down 0.15%).

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The extended decline in precious metals is attributed to a robust rally in the U.S. dollar, cryptocurrencies, and rising bond yields. The U.S. 10-year bond yield crossed 4.40%, prompting investors to shift away from gold and silver. Additionally, the dollar index surged past 106, nearing a one-year high following Donald Trump’s U.S. Presidential election win. Bitcoin also soared, hitting an all-time high above $93,000, drawing significant investor interest and further dampening demand for precious metals.

Inflation data released on Wednesday showed the U.S. Consumer Price Index (CPI) rising to 2.6% year-over-year in October, up from the previous 2.4%, but still within acceptable levels for the Fed, likely not enough to alter its current monetary policy.

Manoj Kumar Jain, Director at Prithvi Finmart, commented: “We expect gold and silver prices to remain weak due to the strong dollar, rising U.S. bond yields, and the crypto rally. In the short term, Comex gold could test $2,550 per troy ounce, with support levels at $2,572 and $2,554, and resistance at $2,600 and $2,622. Silver may fall to $30.00 per troy ounce, with support at $30.34 and $30.00, and resistance at $31.00 and $31.34.”

For domestic levels, Jain noted that MCX gold has support at ₹74,180–₹73,850 and resistance at ₹74,720–₹75,000, while silver has support at ₹88,500–₹87,750 and resistance at ₹90,000–₹90,650. Jain advised caution, recommending that investors hold off on trading gold and silver until there is greater market stability.

Kedia Commodity Gold Silver Price Outlook Today
GOLD – 74482
Resistance: 75090-75695-76070
Support: 74110-73735-73130

SILVER – 89197
Resistance: 90200-91210-91870
Support: 88530-87870-86860

GOLD$ – 2571.03
Resistance: 2602.6-2635.29-2646.49
Support: 2553.31-2536.71-2525.51

SILVER$ – 30.3303
Resistance: 30.9-31.47-31.69
Support: 30.02-29.71-29.49

Big Event of the Week
Thursday, November 14
02:00 AM – U.S. Fed Schmid Speech
07:00 PM – U.S. PPI MoM (October)
07:00 PM – U.S. Initial Jobless Claims (November)
07:00 PM – U.S. Core PPI MoM (October)
07:45 PM – U.S. Fed Barkin Speech
01:30 AM – U.S. Fed Chair Powell Speech

Friday, November 15
05:20 AM – Japan GDP Growth Rate QoQ Prel (Q3)
07:30 AM – China Industrial Production YoY (October)
07:00 PM – U.S. Retail Sales MoM (October)
07:45 PM – U.S. Industrial Production MoM (October)
07:45 PM – U.S. Manufacturing Production MoM (October)

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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.