Comex Group Gold, Comex Gold Price, Comex Group Silver Price, Comex Gold: Gold and silver saw profit-taking after reaching recent highs, as U.S. economic data suggested a less aggressive approach to Federal Reserve rate cuts. The upward revision of the U.S. second-quarter GDP from 2.8% to 3.0% and a 0.5% surge in consumer spending supported the dollar index and U.S. 10-year bond yields, causing the dollar to recover from 13-month lows and limiting gains in precious metals. Gold prices slipped from record highs, and silver struggled to stay above $30 per troy ounce. Despite this, geopolitical tensions and strong investment demand continue to support prices.
Manoj Kumar Jain, Director at Prithvi Finmart, anticipates volatility in gold and silver prices this week due to fluctuations in the dollar index and upcoming U.S. job data. He expects gold to hold its key support level at $2,464 per troy ounce and silver at $28.20 per troy ounce on a weekly closing basis.
He Says ”Gold has support at $2,522-$2,500, with resistance at $2,550-$2,564 per troy ounce. Silver has support at $29.00-$28.66, with resistance at $29.55-$29.80 per troy ounce. On the MCX, gold has support at ₹71,400-₹71,180 and resistance at ₹71,850-₹72,040, while silver has support at ₹84,450-₹83,700 and resistance at ₹85,800-₹86,350. Jain suggests buying gold on dips around ₹71,350 with a stop loss at ₹71,100, targeting ₹72,000.”
According to SMC Global’s Weekly Report, recent U.S. data revealed that the Federal Reserve’s preferred inflation indicators, the headline and core PCE price indices, were revised downward, signaling a more significant slowdown in the second quarter. Additionally, initial jobless claims fell below expectations, indicating a softening labor market. Despite the upward revision in U.S. GDP growth for the second quarter, markets still expect 100 basis points in rate cuts over the Fed’s three remaining meetings this year.
The European Central Bank (ECB) is also likely to implement rate cuts as inflationary pressures ease rapidly. The safe-haven appeal of bullion has been further bolstered by escalating conflicts in the Middle East. Meanwhile, official data showed that China’s net gold imports through Hong Kong rose by 17% in July, marking the first increase since March.
SMC Global reports that on the COMEX, gold prices may see a bullish move, trading between 2520-2610, while silver could trade in the range of 28.70-31.00. For the week ahead, gold prices on MCX are expected to trade between 70,000-73,000, with silver likely ranging between 82,000-86,800.
Geojit Group’s Outlook on Gold and Silver:
Gold LBMA Spot: A break above $2,530 would extend rallies; otherwise, expect choppy trades.
Silver LBMA Spot: A break below $28.50 may extend rallies, but $30 must be crossed for further gains.
MCX Gold KG Oct: Sustained trades above ₹72,000 would extend rallies; otherwise, expect corrective dips.
MCX Silver KG Dec: Initial choppiness expected; a break below ₹85,000 could trigger further liquidation.
Key Economic Events:
Monday, September 2, 2024:
U.S. Labor Day Holiday (Market Closed)
Tuesday, September 3, 2024:
7:15 PM: U.S. S&P Global Manufacturing PMI Final (AUG)
7:30 PM: U.S. ISM Manufacturing PMI (AUG)
Wednesday, September 4, 2024:
7:30 PM: U.S. JOLTs Job Openings (JUL)
7:30 PM: U.S. Factory Orders MoM (JUL)
Thursday, September 5, 2024:
5:45 PM: U.S. ADP Employment Change (AUG)
6:00 PM: U.S. Initial Jobless Claims (AUG/31)
7:15 PM: U.S. S&P Global Composite PMI Final (AUG)
7:30 PM: U.S. ISM Services PMI (AUG)
Friday, September 6, 2024:
6:00 PM: U.S. Non-Farm Payrolls (AUG)
6:00 PM: U.S. Unemployment Rate (AUG)