Gold Price Big Fall, Silver Price, gold news, silver news: Gold and silver prices remained steady on Wednesday, with global markets closely monitoring upcoming US economic data. In the international spot market, gold is trading at $2,633 per troy ounce, reflecting an $11 increase. Meanwhile, silver is flat at $30.45 per troy ounce.
Market participants are awaiting critical US economic indicators, including GDP, Core PCE, and initial jobless claims data, which are set to be released later this evening. These figures are expected to provide further direction for precious metals and broader market trends.
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Global Developments
In a significant diplomatic breakthrough, Israel and Hezbollah have agreed to a ceasefire brokered by the United States and France. The ceasefire, set to take effect on Wednesday, is aimed at ensuring long-term peace in the region. As part of the agreement, Israel will withdraw its forces while Lebanon plans to deploy 5,000 troops to maintain order. Israeli Prime Minister Benjamin Netanyahu warned that any violations by Hezbollah would be met with a strong response.
US Federal Reserve Meeting Insights
Minutes from November’s FOMC meeting highlight Federal Reserve officials’ optimism about easing inflation and a resilient labor market. The Fed remains comfortable with inflation trends, despite levels exceeding the 2% target, signaling a gradual pace for future rate cuts.
Key economic data to monitor:
US GDP, Core PCE, and initial jobless claims. Note, US markets will be closed on November 28 for Thanksgiving.
Gold and Silver Market Overview
International markets:
Gold settled at $2,646.30/troy ounce (+0.14%), and silver at $30.832/troy ounce (+0.56%).
Domestic markets:
Mixed performance; gold ended at ₹75,211/10g (-0.13%), and silver at ₹88,250/kg (+0.63%).
Prices rebounded following Monday’s sell-off, supported by easing bond yields and the Israel-Hamas ceasefire.
Other Market Drivers
US housing data was disappointing, with a 17.3% drop in October new home sales due to high mortgage rates. Bitcoin saw a correction, dipping to $92,000, indirectly supporting precious metals. Market concerns remain over potential inflationary impacts from Trump’s tariff plans.
Expert Outlook
Manoj Kumar Jain, Director at Prithvi Finmart, predicts volatility in gold and silver prices this week amid fluctuations in the dollar index and the release of key US economic data.
Comex Gold: Support at $2,622-$2,604; resistance at $2,658-$2,680/troy ounce.
Comex Silver: Support at $30.55-$30.20; resistance at $31.10-$31.40/troy ounce.
MCX Gold: Support at ₹74,850-₹74,600; resistance at ₹75,500-₹75,770.
MCX Silver: Support at ₹87,650-₹86,950; resistance at ₹88,900-₹89,550.
Jain suggests buying silver on dips around ₹87,700 with a stop loss at ₹87,150 for a target of ₹89,000.
Big Events of The Week
Wednesday, November 27, 2024
07:00 PM (US) – Core PCE Price Index MoM (OCT)
07:00 PM (US) – Durable Goods Orders MoM (OCT)
07:00 PM (US) – GDP Growth Rate QoQ (Q3, 2nd Estimate)
07:00 PM (US) – Personal Income MoM (OCT)
07:00 PM (US) – GDP Price Index QoQ (Q3, 2nd Estimate)
07:00 PM (US) – Initial Jobless Claims (Week of NOV 23) – 213K
07:00 PM (US) – PCE Price Index MoM (OCT) – 0.2%
07:00 PM (US) – Core PCE Price Index YoY (OCT) – 2.7%
07:00 AM (CN) – Industrial Profits (YTD) YoY (OCT)
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.