Gold Price Today, Silver Price, Gold Silver News: Gold and silver prices opened flat today as global markets await the release of the JOLTS job openings data later in the evening. Gold hovers around $2,658 per troy ounce, while silver trades at $30.95 per ounce.
On Monday, both precious metals ended on a weaker note in the international markets. Gold February futures settled at $2,658.40 per troy ounce, down 0.84%, while silver March futures closed at $30.864 per ounce, down 0.78%. In domestic markets, gold February futures dropped by 0.57% to ₹76,687 per 10 grams, and silver March futures fell 0.44% to ₹90,810 per kilogram.
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The price dip was attributed to profit-taking activity amid a rebound in the dollar index and geopolitical concerns following U.S. President-elect Donald Trump’s tariff threats targeting BRICS nations. Additionally, weakness in crude oil prices weighed on gold and silver. However, looming economic uncertainties, such as France’s rising budget crisis, heavy sell-offs in government bonds, and escalating debt burdens in several global economies, continue to provide longer-term support for precious metals. The ongoing Russia-Ukraine war escalation further bolsters the safe-haven appeal of gold and silver.
Market Outlook
Manoj Kumar Jain, Director of Prithvi Finmart, anticipates volatility in gold and silver prices this week due to fluctuations in the dollar index, speeches by the Federal Reserve Chair, and U.S. monthly job reports. He expects gold and silver to hold key support levels of $2,588 and $29.88 per troy ounce, respectively, on a weekly closing basis.
Key Levels to Watch
Gold: Support at $2,654–$2,638, resistance at $2,674–$2,688 per troy ounce.
Silver: Support at $30.60–$30.35, resistance at $31.10–$31.40 per troy ounce.
On MCX, gold has support at ₹76,440–₹76,200 and resistance at ₹76,950–₹77,220. Silver’s support is pegged at ₹90,250–₹89,600, with resistance at ₹91,500–₹92,200.
Trading Strategy
Jain suggests buying gold on dips around ₹76,500 with a stop loss at ₹76,240 for a target of ₹77,000. Similarly, he recommends buying silver on dips around ₹90,250 with a stop loss at ₹89,600 for a target of ₹91,500.
As markets digest key economic data and geopolitical developments, traders can expect continued price swings in gold and silver this week.
Big Events of the Week
Tuesday, December 3, 2024
United States:
1:45 AM: Speech by Fed Governor Christopher Waller
3:00 AM: Speech by Fed President John Williams
8:30 PM: JOLTS Job Openings (October)
8:30 PM: JOLTS Job Quits (October)
11:05 PM: Speech by Fed Governor Adriana Kugler
Wednesday, December 4, 2024
United States:
2:15 AM: Speech by Fed President Austan Goolsbee
6:45 PM: ADP Employment Change (November)
7:15 PM: Speech by Fed Governor Lisa Musalem
8:15 PM: S&P Global Composite PMI Final (November)
8:30 PM: ISM Services PMI (November)
8:30 PM: Factory Orders MoM (October)
Thursday, December 5, 2024
United States:
12:15 AM: Speech by Fed Chair Jerome Powell
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:
Ongoing geopolitical challenges between Russia and Ukraine continue to weigh on global markets, with potential implications for energy and precious metals prices.
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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.
