Gold and silver are trading with a slightly negative bias today, with gold around $2,670 and silver at $31.79 per ounce. The focus today is on the jobless claims data.
US Federal Reserve Chair Jerome Powell Supports Slower Rate Cuts
Jerome Powell indicates the US economy is stronger than expected, leading to a slower pace of interest rate cuts.Powell advocates for a cautious approach, citing fewer risks to the labor market, stronger growth, and higher inflation. His remarks align with a more cautious group of policymakers, suggesting the Fed will carefully deliberate its future rate cuts. Expectations for another quarter-point rate cut have increased based on inflation and job data.
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Market Overview
Gold and silver ended on a positive note in international markets on Wednesday. Gold February futures closed at $2,676.20 per troy ounce, up by 0.31%, and silver March futures closed at $31.915 per troy ounce, up by 1.34%. In the domestic markets, gold February futures settled at Rs 77,092 per 10 grams, gaining 0.25%, and silver March futures closed at Rs 93,293 per kilogram, up by 1.19%.
Gold and silver extended their gains in a volatile session after disappointing U.S. ADP non-farm employment data. The U.S. ADP reported 146,000 jobs created in November, below the expected 152,000 and down from the previous month’s revised figure of 184,000. The dollar index slipped, providing support for gold and silver prices. Further support came from a weaker-than-expected U.S. ISM services PMI reading of 52.1 for November (expected 55.7), and Fed Chairman Powell’s speech.
Market Outlook by Manoj Kumar Jain
Manoj Kumar Jain, Director at Prithvi Finmart, expects gold and silver prices to remain volatile this week amid fluctuations in the dollar index and U.S. job reports. He anticipates that gold and silver could hold key support levels of $2,588 and $29.88 per troy ounce, respectively, on a weekly closing basis. Gold support is at $2,662-2,650, with resistance at $2,688-2,700 per troy ounce. Silver has support at $31.64-31.30, with resistance at $32.20-32.50 per troy ounce.
At MCX, gold has support at Rs 76,820-76,600, with resistance at Rs 77,330-77,550. Silver has support at Rs 92,500-91,800, with resistance at Rs 94,000-94,600. Jain suggests buying gold on dips around Rs 76,850 with a stop loss of Rs 76,600 for a target of Rs 77,450.
Kedia Commodity Gold Price Outlook For Today
Support n Resistance
Gold$ prices look to get support at 2628$ and resistance at 2670$.
Gold MCX prices look to get support at 76650 and resistance at 77450.
Silver$ prices look to get support at 30.70$ and resistance at 31.80$.
Silver MCX prices look to get support at 92100 and resistance at 94600.
Big Events of the week: Thursday, December 5, 2024
United States:
7:00 PM: Initial Jobless Claims (Week Ending November 30)
Friday, December 6, 2024
United States:
7:00 PM: Non-Farm Payrolls (November)
7:00 PM: Unemployment Rate (November)
8:30 PM: Michigan Consumer Sentiment Preliminary (December)
9:00 PM: Speech by Fed President Austan Goolsbee
10:30 PM: Speech by Fed Governor Sarah Hammack
11:30 PM: Speech by Fed President Mary Daly
1:30 AM: Consumer Credit Change (October)
Euro Area:
3:30 PM: GDP Growth Rate QoQ 3rd Estimate (Q3)
Geopolitical Focus:
Russia-Ukraine Tensions
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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.