Comex Gold Price, MCX Gold Price, MCX Silver Price: Gold and silver prices started the week on a weaker note in both international and domestic markets. Several factors, including a stronger U.S. dollar index, disappointing Chinese economic data, and profit-taking, contributed to the decline in precious metals. Here’s a closer look at the performance and what to expect in the coming days.
Price Performance on Monday
In international markets, gold December futures settled at $2,665.60 per troy ounce, marking a 0.32% decline. Silver December futures saw a sharper drop of 1.32%, ending at $31.316 per troy ounce. Domestic markets mirrored these losses, with gold December futures closing at Rs76,046 per 10 grams, down by 0.34%. Silver December futures also slid by 1.04%, closing at Rs90,736 per kilogram.
Key Factors Driving the Decline
Gold and silver were unable to maintain the previous week’s gains, with several global factors influencing their downward trend. A stronger U.S. dollar index, which reached 9-week highs, and U.S. 10-year bond yields staying above 4.0%, exerted pressure on precious metal prices. These developments made gold and silver less attractive to investors.
Additionally, disappointing Chinese economic data released over the weekend and on Monday further dampened demand for gold and silver. China’s Finance Minister discussed potential economic stimulus on Saturday, but without concrete measures, markets reacted negatively. This, combined with falling crude oil prices after OPEC+ lowered its demand projections, and a rise in U.S. equity markets, increased risk aversion and triggered profit-taking in precious metals.
Outlook for MCX and Comex Gold and Silver Prices
According to Manoj Kumar Jain, Director at Prithvi Finmart, the market for gold and silver is expected to remain volatile this week, primarily due to fluctuations in the U.S. dollar index and ongoing geopolitical tensions. Jain believes that gold and silver could maintain support at $2,600 and $30.00 per troy ounce, respectively.
”For today’s session, gold has support at $2,654-$2,640 per troy ounce, with resistance at $2,678-$2,692. Silver finds support at $31.04-$30.80 per troy ounce, with resistance at $31.55-$31.88.”
Jain said In domestic markets, MCX gold prices have support at Rs75,800-Rs75,550 and resistance at Rs76,300-Rs76,620. Silver has support at Rs90,000-Rs89,350 and resistance at Rs91,400-Rs92,200.
Vikas Gupta, CEO, IIDM Said ””Spot gold dropped by 0.2%, hitting a low of $2,643/oz on Monday as the US dollar rally limited gains in bullion. Key resistance stands at $2,665—if breached, we could see an upside towards $2,675-$2,690. Crucial support is at $2,640, with potential for a further dip to $2,625-$2,615 if this level breaks.”
Key Data and Events to Watch This Week
Several key events and data releases could influence gold and silver prices throughout the week. Investors should pay close attention to:
Tuesday, October 15, 2024:
12:30 AM – U.S. Fed Waller Speech
2:30 AM – U.S. Fed Kashkari Speech
8:30 PM – U.S. Consumer Inflation Expectations for September
These events could impact the U.S. dollar and broader market sentiment, creating volatility in precious metal prices.
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Note on Prices
The prices listed on Gold Price Today are sourced from various jewellers and bullion associations across the country. Please note that gold and silver prices in your city may vary due to additional charges, including GST, making charges, and hallmarking fees. Additionally, some jewellers charge a premium for their brand, which can lead to differences in prices at different shops.
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. We are not responsible for any gains or losses incurred based on the information presented here.