Gold Price, Comex Gold Price, Comex Silver Price: Gold prices surged above $2,700, with Comex futures nearing $2,740, as market participants anticipate crucial economic developments. The release of U.S. inflation data and China’s annual Central Economic Work Conference are expected to guide market trends. Fed Watch Tool data indicates an 88% probability of a rate cut in the Federal Reserve’s December 18 meeting, adding momentum to the rally. The European Central Bank (ECB) meeting later this week is also in focus.
China’s Strategic Moves and Stimulus Plans
Chinese Vice Premier He Lifeng has recently engaged with U.S. finance executives, signaling efforts to bolster relationships amid trade tensions. Meanwhile, China’s key policy meeting, starting Wednesday, will outline economic policies and growth targets for 2024. The Chinese central bank’s resumption of gold purchases in November, after a six-month hiatus, and discussions of fresh economic stimulus have provided additional support to gold and silver prices.
Market Performance on Tuesday
In international markets, gold February futures settled at $2,718.40 per troy ounce (+1.21%), and silver March futures at $32.747 per troy ounce (+0.42%). Domestically, gold February futures closed at ₹78,338 per 10 grams (+1.10%), and silver March futures at ₹95,525 per kilogram (+0.34%). Gold hit a two-week high, and silver reached a one-month high, buoyed by safe-haven demand amid geopolitical tensions in Syria and South Korea.
Outlook and Key Levels
Manoj Kumar Jain, Director at Prithvi Finmart, predicts market volatility driven by geopolitical factors, dollar index movements, and U.S. inflation data.
Gold: Support at $2,700–$2,684 and resistance at $2,747–$2,762 per troy ounce.
Silver: Support at $32.40–$32.15 and resistance at $33.00–$33.30 per troy ounce.
MCX Gold: Support at ₹78,000–₹77,770; resistance at ₹78,700–₹79,000. Buy above ₹78,400 with a stop loss of ₹78,140, targeting ₹79,000.
MCX Silver: Support at ₹94,850–₹94,100; resistance at ₹96,200–₹96,850. Buy around ₹95,200 with a stop loss of ₹94,450, targeting ₹96,600.
IIDM Daily Update on Gold Prices
Key resistance is located at 2700 above which we can see an upside move towards 2720-2735. Crucial support is seen at 2680 below which a further dip towards 2665-2660 can be seen.
Kedia Commodity on Gold and Silver Price outlook today
MCX GOLD – 78338
Resistance: 78660-78985-79605
Support: 77715-77095-76770
MCX SILVER – 95525
Resistance: 96010-96490-97255
Support: 94765-94000-93520
Spot GOLD$ – 2696.06
Resistance: 2709.99-2724.38-2735.58
Support: 2669.61-2643.62-2632.42
Spot SILVER$ – 31.9
Resistance: 32.1-32.31-32.53
Support: 31.69-31.49-31.27
Key Events of the Week
Wednesday, December 11, 2024
United States
07:00 PM: Core Inflation Rate MoM (NOV)
07:00 PM: Core Inflation Rate YoY (NOV)
07:00 PM: Inflation Rate MoM (NOV)
China
Central Economic Work Conference
Thursday, December 12, 2024
United States
07:00 PM: PPI MoM (NOV)
07:00 PM: Core PPI MoM (NOV)
07:00 PM: Initial Jobless Claims (DEC/07)
Euro Area
06:45 PM: ECB Interest Rate Decision
07:15 PM: ECB Press Conference
08:15 PM: ECB Economic Projections
08:45 PM: Speech by ECB President Lagarde
Friday, December 13, 2024
United States
03:00 AM: Fed Balance Sheet
07:00 PM: Export Prices MoM (NOV)
Geopolitical Tensions
Russia-Ukraine Conflict
Syria Crisis
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.