IBJA Gold Price: Gold and silver prices started the week on a steady note, as markets await the inauguration of President-elect Donald Trump on January 20 and clarity on his future policies. This week, traders will closely monitor U.S. unemployment data, FOMC minutes, and updates from China for cues on market direction.
On Friday, the international markets ended mixed for precious metals. Gold February futures settled at $2,654.70 per troy ounce, down 0.54%, while silver March futures closed at $30.065 per troy ounce, up 0.57%.
The domestic markets mirrored this trend. Gold February futures settled at ₹77,317 per 10 grams, a decline of 0.51%, whereas silver March futures closed at ₹89,221 per kilogram, with a marginal gain of 0.05%.
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Despite gains in the dollar index and U.S. bond yields, gold and silver displayed significant price volatility and recovered from last week’s lows. Mixed economic data from Europe and the U.S. provided some support for precious metals. Challenges in manufacturing activities across developed economies bolstered safe-haven demand, but weakness in the euro and pound sterling lent strength to the dollar index. The dollar index is trading at two-year highs, and U.S. 10-year bond yields are at seven-month highs, limiting the upside for gold and silver.
Manoj Kumar Jain, Director at Prithvi Finmart, noted that gold is holding its key support level of $2,588 per troy ounce on a weekly closing basis, while silver remains above its crucial support of $28.80 per troy ounce. He expects continued volatility in gold and silver prices this week, driven by fluctuations in the dollar index and global financial markets.
Manoj Kumar Jain Technical Levels for Today:
- Gold (International): Support at $2,638–$2,622, resistance at $2,668–$2,684 per troy ounce.
- Silver (International): Support at $29.88–$29.55, resistance at $30.34–$30.70 per troy ounce.
- Gold (MCX): Support at ₹77,080–₹76,850, resistance at ₹77,600–₹77,850.
- Silver (MCX): Support at ₹88,650–₹88,100, resistance at ₹89,900–₹90,500.
Trading Strategy:
Jain recommends buying silver on dips around ₹88,500, with a stop loss at ₹87,750, targeting ₹90,200.
Big Events of The Week
Monday, January 6, 2025
- 07:45 PM: US Fed Cook Speech
- 08:15 PM: US S&P Global Composite PMI Final (December)
- 08:15 PM: US S&P Global Services PMI Final (December)
Tuesday, January 7, 2025
- 06:30 PM: US Fed Barkin Speech
- 08:30 PM: US ISM Services PMI (December)
- 08:30 PM: US JOLTS Job Openings (November)
Wednesday, January 8, 2025
- 12:30 PM: US FOMC Minutes
Thursday, January 9, 2025
- 07:00 PM: US Initial Jobless Claims (January 4)
Friday, January 10, 2025
- 07:00 PM: US Non-Farm Payrolls (December)
- 07:00 PM: US Unemployment Rate (December)
- 08:30 PM: US Michigan Consumer Sentiment Preliminary (January)
Geopolitical Tension in Russia-Ukraine and Israel and Hamas.
Markets are expected to remain on edge, with economic data and geopolitical developments shaping price movements in the days ahead.
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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.
