Gold and silver witnessed heightened price volatility, with gold reaching a historic $2,900 per troy ounce in international markets for the first time. Domestic gold prices also surged to record highs, driven by rupee weakness and profit-taking in the dollar index. The dollar index slipped below the 108 mark, providing support to both gold and silver prices. Today Bank of England meeting on interest rate is in focus.
China Challenges Trump Tariffs at WTO Amid Shipping Concerns
China has formally filed a complaint with the World Trade Organization (WTO), seeking consultations with the U.S. over tariffs imposed by the Trump administration. Despite previous WTO rulings providing little relief to Beijing, China is escalating its efforts amid growing scrutiny of low-value package imports. U.S. Customs officials have warned that undocumented shipments may be rejected, raising concerns among international shippers.
For Expert Views on Gold and Silver Prices Watch Our Youtube Channel- (12 Million Views)
Stronger U.S. Employment Data Limits Precious Metals Gains
The ADP non-farm employment report showed an increase of 183,000 jobs, exceeding the expected 148,000, which tempered gains in gold and silver. Silver prices retreated from their highs following the upbeat U.S. labor data, though safe-haven demand continues to support the precious metals.
Market Performance on Wednesday
Gold and silver ended mixed in the international markets. Gold April futures settled at $2,893.00 per troy ounce, gaining 0.60%, while silver March futures closed at $32.976 per troy ounce, down 0.14%. In the domestic markets, gold and silver closed higher due to rupee weakness. Gold April futures settled at ₹84,567 per 10 grams, up 0.92%, while silver March futures ended at ₹95,965 per kilogram, rising 0.27%.
Technical Outlook
Gold and silver are expected to hold key support levels of $2,770 and $31.40 per troy ounce, respectively, on a weekly closing basis. According to Manoj Kumar Jain, Director at Prithvi Finmart, precious metal prices will likely remain volatile amid fluctuations in the dollar index, ongoing U.S.-China trade tensions, and the upcoming Bank of England policy meeting.
Manoj Kumar Jain Outlook For International Market
Gold Support: $2,874–$2,858 | Resistance: $2,904–$2,922
Silver Support: $32.74–$32.40 | Resistance: $33.20–$33.50
Manoj Kumar Jain Outlook For domestic market:
Gold (MCX) Support: ₹84,140–₹83,800 | Resistance: ₹84,900–₹85,250
Silver (MCX) Support: ₹95,200–₹94,400 | Resistance: ₹96,650–₹97,400
Jain recommends buying silver around ₹95,500, with a stop-loss at ₹94,750 and a target of ₹96,800.
Big Events of The Week
Thursday, February 6, 2025
US:
06:00 AM – Fed Governor Jefferson Speech
07:00 PM – Initial Jobless Claims (February)
UK
05:30 PM GB BoE Interest Rate Decision
Friday, February 7, 2025
US:
07:00 PM – Non-Farm Payrolls (January)
07:00 PM – Unemployment Rate (January)
08:30 PM – Michigan Consumer Sentiment (Preliminary)
Gold Price Today
PLATE-99.50~87200
23 KT~85000
22 KT~81500
20 KT~74300
18 KT~67000
14 KT~53400
9999 SILVER:~98400
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
