Comex Gold, MCX gold price, gold rate: Federal Reserve Chair Jerome Powell stated that the central bank does not “need to be in a hurry” to lower interest rates further, reinforcing a cautious stance on monetary policy.
Meanwhile, U.S. President Donald Trump’s proposed 25% tariffs on steel and aluminum imports would add to existing levies on Canadian goods, effectively raising the total tariff to 50%. Canada has not been officially informed of this cumulative impact, with the new tariffs set to take effect on March 12.
For Expert Views on Gold and Silver Prices Watch Our Youtube Channel- (12 Million Views)
US Inflation Data is due today at 7PM (India Time). Inflation likely remained persistent last month, reinforcing the Federal Reserve’s cautious stance on reducing borrowing costs, according to economists’ estimates. The core Consumer Price Index (CPI), which excludes food and energy, is expected to have risen 0.3% in January from the previous month, according to projections for the Bureau of Labor Statistics report due Wednesday. On an annual basis, core CPI is forecast to have increased 3.1%, based on the median estimate from a Bloomberg survey. The overall CPI is also expected to rise 0.3% month-over-month, driven by higher energy and food prices, with eggs being a notable contributor to the increase.
Global Reactions to U.S. Tariffs:
EU: Plans countermeasures and may reactivate 2018 tariffs.
Mexico: Does not anticipate retaliatory measures.
Canada: Vows to defend against tariffs, warning of negative trade impacts.
Japan: Requests exemption from U.S. steel and aluminum tariffs.
Gold Market Outlook and Recent Performance
UBS, in its latest report, highlighted gold’s resilience as a hedge against uncertainty. “Gold’s appeal as a store of value and hedge against uncertainty has again proven itself to many investors. We have raised our gold forecasts to USD 3,000/oz over the next 12 months, up from USD 2,850 previously,” the bank stated.
On Tuesday, gold and silver prices settled slightly weaker in the international markets.
Gold (April futures): $2,932.60 per troy ounce (-0.06%)
Silver (March futures): $32.322 per troy ounce (-0.52%)
In the domestic markets, a stronger rupee added pressure on prices.
Gold (April futures on MCX): ₹85,523 per 10 grams (-0.34%)
Silver (March futures on MCX): ₹94,568 per kilogram (-0.76%)
Gold prices experienced high volatility, briefly touching a record high of $2,968 per troy ounce in international markets and ₹86,000 in domestic markets before retreating. The pullback followed Powell’s remarks dismissing imminent rate cuts, emphasizing that inflation remains above the Fed’s 2.0% target.
Technical Outlook & Market Strategy
Gold and silver prices may remain volatile this week, influenced by fluctuations in the dollar index, U.S. inflation data, and Powell’s upcoming testimony. According to Manoj Kumar Jain, Prithvi Finmart
Comex Gold Key Levels:
Support: $2,840-$2,896 per troy ounce
Resistance: $2,950-$2,970 per troy ounce
Comex Silver Key Levels:
Support: $32.00-$31.66 per troy ounce
Resistance: $32.64-$33.00 per troy ounce
Manoj Jain On MCX:
Gold: Support at ₹85,100-₹84,660, resistance at ₹85,820-₹86,350
Silver: Support at ₹93,750-₹92,800, resistance at ₹95,200-₹96,000
Trading Strategy:
Jain recommend selling gold around ₹85,800, with a stop loss at ₹86,220, targeting ₹85,000.
Big Events Wednesday, February 12, 2025
02:00 AM | US – Fed Bowman Speech
07:00 PM | US – Core Inflation Rate MoM (JAN)
07:00 PM | US – Inflation Rate MoM (JAN)
08:30 PM | US – Fed Chair Powell Testimony
Thursday, February 13, 2025
07:00 PM | US – PPI MoM (JAN)
07:00 PM | US – Core PPI MoM (JAN)
07:00 PM | US – Initial Jobless Claims (FEB/0)
Friday, February 14, 2025
03:30 PM | EA – GDP Growth Rate QoQ (2nd Estimate, Q4)
07:00 PM | US – Retail Sales MoM (JAN)
07:45 PM | US – Industrial Production MoM (JAN)
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
