Gold prices traded mixed on Tuesday morning as the Federal Reserve once again signaled a delay in interest rate cuts. Federal Reserve Governor Christopher Waller stated that recent economic data supports keeping interest rates unchanged. However, if inflation follows a similar trajectory as in 2024, policymakers may resume rate cuts “at some point this year.”
“If this winter lull in inflation progress proves temporary, as it was last year, then further policy easing will be appropriate,” Waller said in remarks prepared for delivery on Tuesday in Sydney. “But until that is clear, I favor holding the policy rate steady.” Meanwhile, Fed Governor Michelle Bowman expressed a cautious stance, saying she wants to see further progress on inflation before considering rate cuts, noting that disinflation “may take longer than we would hope.”
Market Overview
Gold and silver prices traded within a tight range on Monday due to the U.S. market holiday and ahead of the FOMC meeting minutes release. However, precious metals recovered from intraday lows amid a weaker dollar index, which is currently at a nine-week low, supporting gold and silver prices. Additional support came from last week’s downbeat U.S. economic data and a recovery in the euro.
Geopolitical tensions surrounding U.S. trade tariffs are also boosting safe-haven demand for gold and silver. However, discussions on ending the Russia-Ukraine war could ease risk premiums and potentially limit gains. Despite these uncertainties, gold and silver are expected to hold their key support levels of $2,800 and $30.88 per troy ounce, respectively, on a weekly closing basis in global markets.
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Price Action
On Monday, gold and silver ended on a slightly positive note in the international markets:
- Gold April futures settled at $2,911.20 per troy ounce, up 0.36%
- Silver March futures settled at $32.875 per troy ounce, up 0.06%
In domestic markets, prices showed mixed trends:
- Gold April futures closed at ₹85,055 per 10 grams, up 0.43%
- Silver March futures ended at ₹95,580 per kg, down 0.01%
Expert Outlook
According to Manoj Kumar Jain, Director at Prithvi Finmart, gold and silver prices are expected to remain volatile this week due to fluctuations in the dollar index, the ongoing U.S. trade war, and anticipation of the FOMC meeting minutes.
Key levels to watch by Manoj Kumar Jain:
- Gold (COMEX): Support at $2,896–$2,880, Resistance at $2,922–$2,945
- Silver (COMEX): Support at $32.55–$32.20, Resistance at $33.20–$33.50
- Gold (MCX): Support at ₹84,650–₹84,380, Resistance at ₹85,440–₹85,820
- Silver (MCX): Support at ₹94,800–₹94,000, Resistance at ₹96,350–₹97,100
Trading Recommendation:
Jain suggests buying silver around ₹95,000, with a stop loss at ₹94,200 and a target of ₹96,600.
Big Events of The Week
Tuesday, February 18, 2025
4:30 AM (US) – Fed Waller Speech
11:30 PM (US) – Fed Barr Speech
Wednesday, February 19, 2025
12:30 PM (UK) – Inflation Rate YoY (January)
7:00 PM (US) – Building Permits Prel (January)
7:00 PM (US) – Housing Starts (January)
12:30 AM (US) – FOMC Minutes Release
Thursday, February 20, 2025
6:45 AM (China) – Loan Prime Rate 1Y
6:45 AM (China) – Loan Prime Rate 5Y
7:00 PM (US) – Initial Jobless Claims (Feb 15)
8:05 PM (US) – Fed Goolsbee Speech
8:30 PM (US) – CB Leading Index MoM (January)
Friday, February 21, 2025
1:00 AM (US) – Fed Barr Speech
3:00 AM (US) – Fed Balance Sheet Release
5:00 AM (Japan) – Inflation Rate YoY (January)
8:30 PM (US) – Existing Home Sales (January)
8:30 PM (US) – Michigan Consumer Sentiment Final (February)
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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
