Bank of China, China News, Gold Price Silver Price: Gold and silver prices traded flat in the morning session as the People’s Bank of China (PBOC) unexpectedly left its one-year and five-year Loan Prime Rates unchanged at 3.1% and 3.6%, respectively. Analysts believe the Fed’s hawkish stance on future rate cuts will unlikely impact China’s policy easing but could weigh on the Chinese yuan. Major investment banks project further yuan weakening next year, anticipating tariff pressures under President-elect Donald Trump. Dollar index is near 108.5.
On Thursday, gold and silver prices weakened in global and domestic markets. February gold futures settled at $2,608.10 per troy ounce, down 1.70%, while March silver futures closed at $29.411 per troy ounce, down 4.32%. Domestically, February gold futures ended at ₹75,651 per 10 grams (-1.31%), and March silver futures settled at ₹87,187 per kilogram (-3.53%). Precious metals extended their decline amid hawkish Fed guidance for 2025-2026 rate cuts, a stronger dollar index, robust U.S. GDP data, and reduced U.S. jobless claims.
For Expert Views on Gold and Silver Prices Watch Our Youtube Channel- (10 Million Views)
Manoj Kumar Jain noted that gold is trading near its critical support of $2,588 per troy ounce, with further downside likely if this level is breached. Silver, having broken its $29.88 support, could test $28.80 per troy ounce. However, the long-term bullish trend remains intact, supported by global central bank buying and geopolitical concerns.
Technical Outlook:
Gold (International): Support at $2,588-$2,564; resistance at $2,622-$2,644 per troy ounce.
Silver (International): Support at $29.10-$28.80; resistance at $29.66-$29.88 per troy ounce.
Gold (MCX): Support at ₹75,330-₹74,850; resistance at ₹75,920-₹76,200.
Silver (MCX): Support at ₹86,400-₹85,750; resistance at ₹88,000-₹88,800.
Jain advises traders to remain cautious and wait for market stabilization, while long-term investors can consider accumulating gold and silver systematically.
IIDM Update
Key resistance is located at 2610/2615 above which we can see an upside move towards 2625-2640.
Crucial support is seen at 2585 below which a further dip towards 2575-2560 can be seen.
Big Events of The Week
Friday, December 20, 2024
7:00 PM: Core PCE Price Index MoM (NOV)
7:00 PM: Personal Income MoM (NOV)
7:00 PM: Personal Spending MoM (NOV)
8:30 PM: Michigan Consumer Sentiment Final (DEC)
Gold Price Today Digital Media Network
Facebook group of 80,000 jewellers – Sunar Jewellers Ekta – https://www.facebook.com/groups/goldsilverpricenews
Website- https://goldpricetoday.co.in/
Facebook Page- https://www.facebook.com/Goldsilverpricetoday
Instagram- https://www.instagram.com/goldpricetodaynews/
X- https://twitter.com/today_gold
Telegram Group- https://telegram.me/goldsilverprice
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.
