Gold Price Today, Silver Price, Gold Price News, Bitcoin: Gold and silver prices began the day on a weaker note, with spot gold trading near $2,620 per troy ounce and silver around $31. Investors are focused on the upcoming U.S. Non-Farm Payrolls and unemployment rate data for November, which are expected to provide further direction for the markets.
Bitcoin Breaks $100,000 Mark Before Retreating
Bitcoin stole the spotlight on Wednesday, soaring past the $100,000 milestone for the first time before retreating slightly by Thursday afternoon. Federal Reserve Chair Jerome Powell fueled comparisons between Bitcoin and gold during the DealBook conference, describing Bitcoin as “just like gold, only it’s virtual, it’s digital.” Powell clarified that Bitcoin is not used as a payment method or store of value but competes with gold as a speculative asset. After surpassing six figures for the first time, Standard Chartered Bank projects that Bitcoin will double, reaching $200,000 by 2025.
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Global and Domestic Markets See Weak Closing
Global markets reflected a bearish sentiment, with gold February futures settling at $2,648.40 per troy ounce, down 1.04%, and silver March futures closing at $31.536, a drop of 1.19%. Similarly, domestic markets in India showed declines, with gold February futures closing at ₹76,476 per 10 grams, down 0.80%, and silver March futures at ₹92,424 per kilogram, down 0.93%.
Key U.S. Job Data and Fed Commentary Weigh on Precious Metals
The pullback in gold and silver comes as the markets pause ahead of key U.S. job reports. Powell’s comments about the U.S. economy being in “remarkably good shape” and reduced downside risks for the labor market have cast doubts on potential Fed rate cuts, leading to profit-booking and liquidations in gold ETFs. The World Gold Council reported significant outflows of 28.6 tonnes of gold in November, worth $2.1 billion, which also pressured prices lower.
Market Outlook: Volatility Expected Amid Key Data Releases
Market expert Manoj Kumar Jain expects heightened volatility in today’s session due to the dollar index’s fluctuations and the release of U.S. employment data. Jain predicts gold will find support at $2,588 and resistance at $2,660 per troy ounce, while silver may hold key levels at $29.88 and $31.80. In the domestic market, gold is expected to trade within ₹76,200-₹77,000, and silver between ₹91,750-₹93,600. He recommends avoiding trades in gold and silver until after the U.S. job data is released.
Weaker Dollar Could Provide Some Relief for Precious Metals
With the dollar index showing signs of weakness, some support for precious metals at lower levels could emerge. However, investors remain cautious, balancing short-term volatility with the broader macroeconomic outlook.
Big Events Today- Friday, December 6, 2024
United States:
7:00 PM: Non-Farm Payrolls (November)
7:00 PM: Unemployment Rate (November)
8:30 PM: Michigan Consumer Sentiment Preliminary (December)
9:00 PM: Speech by Fed President Austan Goolsbee
10:30 PM: Speech by Fed Governor Sarah Hammack
11:30 PM: Speech by Fed President Mary Daly
1:30 AM: Consumer Credit Change (October)
Euro Area:
3:30 PM: GDP Growth Rate QoQ 3rd Estimate (Q3)
Geopolitical Focus:
Russia-Ukraine Tensions
Gold Price Today 5 December
99.50~78750
23 KT~76800
22 KT~73600
20 KT~67100
18 KT~60500
14 KT~48300
9999 SILVER:~93900
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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.
