Gold Price Big Fall, Silver Price, gold news, silver news: Gold and silver prices are trading lower today. Spot gold has dropped by $9, hovering near $2,626 per ounce, while silver prices are also trending down. US Market is closed today due to Thanks Giving Day. International Spot Market is open.
In geopolitical news, Qatar’s Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani and Egyptian Foreign Minister Badr Abdelatty discussed ceasefire efforts in Gaza, following a truce deal in Lebanon. Experts suggest these are preliminary talks, and progress may take time, depending on Israel’s readiness to engage in such efforts.
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Meanwhile, U.S. intelligence sources told Reuters that allowing Ukraine to use American weapons deeper into Russian territory has not heightened the risk of nuclear conflict, despite Russian President Vladimir Putin’s strong rhetoric.
Separately, Mexico warned that potential tariffs proposed by former U.S. President Donald Trump could lead to the loss of 400,000 American jobs, threatening retaliatory measures in response.
On Wednesday, gold and silver closed with mixed performance in international markets. Gold February futures rose by 1.02% to settle at $2,661.32 per troy ounce, while silver March futures fell 0.85%, ending at $30.570 per troy ounce. Domestic markets also saw mixed trends. Gold February futures gained 0.69% to close at ₹76,516 per 10 grams, while silver December futures dropped 0.78% to ₹89,761 per kilogram.
Gold and silver experienced significant volatility due to mixed U.S. economic data. While GDP and unemployment claims met expectations, higher-than-expected Core PCE Price Index data indicated inflation remains above the Federal Reserve’s 2% target, potentially slowing monetary easing. Despite this, gold and silver prices slipped from intraday highs after the data release. However, a weaker dollar index, which hit a two-week low, and U.S. 10-year bond yields at a one-month low offered some support. Russia-Ukraine tensions further supported precious metals.
Market Outlook
Manoj Kumar Jain, Director at Prithvi Finmart, anticipates continued volatility in gold and silver prices due to geopolitical tensions and fluctuations in the dollar index. He predicts gold will find support at $2,588 and silver at $29.88 per troy ounce on a weekly closing basis.
For intraday trading, Jain notes gold’s support levels at $2,645-$2,632 and resistance at $2,680-$2,694, while silver’s support is at $30.30-$30.05, with resistance at $30.80-$31.10 per troy ounce. On the MCX, gold has support at ₹76,300-₹76,040 and resistance at ₹76,770-₹77,000, while silver’s support is at ₹89,100-₹88,450 and resistance at ₹90,250-₹91,000.
Jain advises traders to avoid gold and silver positions today, given the U.S. market holiday and expected range-bound activity.
Big Events of The Week: 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
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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.
