Gold Price, Silver Price, Comex Gold Price, Comex Silver Prices, MCX gold, MCX Silver: Today, gold prices opened down in the international market, slipping over $10 to hover around $2,700 per ounce, while silver saw a 0.5% drop, trading at approximately $31 per ounce. This follows a strong finish on Friday, where December futures for gold closed at $2,712.20 per troy ounce (up 1.39%), and silver December futures settled at $31.338 (up 1.29%). Domestic markets followed suit, with gold December futures closing at ₹77,616 per 10 grams (up 1.20%) and silver at ₹90,768 per kilogram (up 0.94%).
Gold recorded a weekly gain of over 5% last week, the highest in a year, bolstered by safe-haven buying amid heightened tensions between Russia and Ukraine. The precious metal also reached a record high against the Euro, which slid to a two-year low against the U.S. dollar.
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Amidst global uncertainties post-Donald Trump’s election victory, the dollar index surged to a two-year high, crossing 107, while U.S. 10-year bond yields sustained above 4.40%, capping further gains in gold and silver.
Manoj Kumar Jain, Director at Prithvi Finmart, noted, “Gold and silver prices are likely to stay volatile this week as the dollar index, U.S. GDP data, and geopolitical factors weigh in. Key support levels for gold stand at $2,634 and for silver at $29.88 per troy ounce.”
Support and Resistance Levels by Manoj Kumar Jain
Gold: Support at $2,694-$2,670; Resistance at $2,728-$2,745 per troy ounce
Silver: Support at $31.05-$30.70; Resistance at $31.60-$31.88 per troy ounce
MCX Levels by Manoj Kumar Jain
Gold: Support at ₹77,330-₹77,040; Resistance at ₹77,880-₹78,220
Silver: Support at ₹90,150-₹89,500; Resistance at ₹91,400-₹92,200
Jain suggests buying gold on dips around ₹77,300 with a stop loss at ₹77,040, aiming for a target of ₹78,000. For silver, he recommends buying around ₹90,300 with a stop loss at ₹89,650, targeting ₹91,800.
SMC Global
This week, SMC Global expects Comex gold to trade within a range of $2,560 to $2,780 and silver between $30 and $33. In the domestic market, MCX gold is projected to fluctuate between ₹75,000 and ₹78,500, while silver could range from ₹88,500 to ₹93,000. Investors will closely watch geopolitical events and Federal Reserve signals to gauge market direction.
Big Events of The Week: Monday, November 25, 2024
07:00 PM (US) – Chicago Fed National Activity Index (OCT)
09:00 PM (US) – Dallas Fed Manufacturing Index (NOV)
Tuesday, November 26, 2024
07:30 PM (US) – House Price Index (SEP)
08:30 PM (US) – CB Consumer Confidence (NOV)
08:30 PM (US) – New Home Sales (OCT)
12:30 AM (US) – FOMC Minutes
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.
