Gold Price, Silver Price, Gold Silver News: Gold and silver prices have seen notable movement today as investors look toward key jobless claims data for further direction. On Wednesday, global markets closed on a mixed note: December gold futures rose by 0.79% to $2,651.70 per troy ounce, while December silver futures fell by 0.82%, settling at $31.005.
Domestic markets reflected similar trends. December gold futures climbed 0.59% to ₹76,034 per 10 grams, while December silver futures slipped 0.59% to ₹90,089 per kilogram. Precious metals traded amidst heightened volatility, impacted by the rebounding dollar index and U.S. 10-year bond yields. Escalating Russia-Ukraine tensions—exacerbated by a Ukrainian missile strike—also contributed to safe-haven demand for gold.
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Gold prices crossed the $2,650 per troy ounce threshold again, spurred by global growth worries and the possibility of new U.S. tariffs on China. Russian warnings of nuclear retaliation have also added to investor caution, while silver prices, though recovering from their lows, still face resistance. Expectations of further stimulus from China may lend support to both gold and silver prices.
Prithvi Finmart Director Manoj Kumar Jain expects continued volatility, with gold and silver holding key support levels of $2,554 and $29.88 per troy ounce, respectively. For the current session, Jain notes gold has support at $2,634-$2,622 and resistance at $2,666-$2,680, while silver’s support is at $30.84-$30.55 with resistance at $31.34-$31.70 per troy ounce. In the domestic MCX, gold holds support at ₹75,800-₹75,550 and resistance at ₹76,330-₹76,650, with silver supported at ₹89,450-₹88,800 and resistance at ₹90,750-₹91,300. Jain suggests buying gold on dips around ₹75,900 with a target of ₹76,440.
Kedia Commodity View on Gold Silver
GOLD – 76034
Resistance: 76335-76635-77095
Support: 75575-75115-74815
SILVER – 90089
Resistance: 90765-91440-92190
Support: 89340-88590-87915
GOLD$ – 2652.19
Resistance: 2665.03-2678.51-2689.71
Support: 2628.52-2605.49-2594.29
SILVER$ – 30.9255
Resistance: 31.24-31.56-31.78
Support: 30.69-30.46-30.24
IIDM Daily update
Spot Gold rose by 0.7% and hit more than a week’s high of $2655/oz on Wednesday on escalating Russia-Ukraine tensions. Resistance level is situated at 2660 above which we can see an upside move towards 2675-2695. Crucial support is seen at 2640 below which a further dip towards 2625-2615 can be seen.
Big Events of The Week
Thursday, November 21, 2024
07:00 PM (US): Initial Jobless Claims (Week of November 16)
08:30 PM (US): Existing Home Sales (October)
10:55 PM (US): Fed Goolsbee Speech
11:00 PM (US): Fed Hammack Speech
Friday, November 22, 2024
03:00 AM (US): Fed Balance Sheet (Week of November 20)
08:15 PM (US): S&P Global Composite PMI Flash (November)
08:15 PM (US): S&P Global Manufacturing PMI Flash (November)
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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.
