Gold prices remained firm on Thursday, with Comex futures trading around $2,945 per troy ounce. The yellow metal is exhibiting strong bullish momentum, ignoring key economic data releases and global events. Despite a hotter-than-expected U.S. inflation report, Federal Reserve commentary on interest rates, ongoing Russia-Ukraine negotiations, and a strengthening dollar, gold continues to push higher, signaling strong investor demand.
Trump-Putin Talks & Trade War Developments
In a significant geopolitical move, U.S. President Donald Trump agreed to initiate negotiations with Russian President Vladimir Putin to seek an end to the Ukraine war. This marks a shift from Washington’s previous stance and has caught European allies off guard. Additionally, Trump is expected to announce new reciprocal tariffs before meeting Indian Prime Minister Narendra Modi, as part of his broader trade policy aimed at countering import duties on U.S. goods.
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Fed Rate Cut Expectations Pushed Further
Following the latest inflation report, the Federal Reserve is unlikely to cut interest rates before September, if at all in 2024. Fed Chair Jerome Powell emphasized that while inflation has come down significantly, the central bank is not ready to ease monetary policy just yet. The higher-than-expected U.S. Consumer Price Index (CPI) data, which saw core inflation rise by 0.4% in January versus expectations of 0.3%, strengthened the case for the Fed to remain cautious.
Gold & Silver Price Action and MCX Targets
On Wednesday, gold and silver settled on a mixed note in the international markets. Gold April futures closed at $2,928.70 per troy ounce, down 0.13%, while silver March futures rose 1.43% to $32.785 per troy ounce. The domestic market followed a similar trend, with gold April futures settling at ₹85,481 per 10 grams (-0.05%), and silver March futures closing at ₹95,502 per kg (+0.99%).
Manoj Kumar Jain, Director at Prithvi Finmart, stated that gold and silver are holding key support levels of $2,840 and $31.40 per troy ounce, respectively. He expects continued volatility this week due to fluctuations in the dollar index, U.S. Producer Price Index (PPI) data, and trade war concerns.
Gold MCX Support: ₹85,000 – ₹84,450
Gold MCX Resistance: ₹85,820 – ₹86,300
Silver MCX Support: ₹94,750 – ₹94,000
Silver MCX Resistance: ₹96,200 – ₹97,000
Key support for gold remains at $2,914-$2,896 per ounce, with resistance at $2,950-$2,970. Silver is expected to trade between $32.40-$32.16 (support) and $33.00-$33.30 (resistance).
Trading Strategy: Buy Silver on Dips
Jain suggests buying silver on dips around ₹94,800, with a stop loss at ₹94,100 and a target of ₹96,200. The metal’s bullish trajectory is supported by strong safe-haven demand amid economic and geopolitical uncertainty.
Outlook: Continued Volatility Ahead
Gold and silver are expected to remain volatile amid inflation concerns, Fed policy shifts, and ongoing geopolitical tensions. Traders should watch key support and resistance levels as the market reacts to fresh developments.
Big Events of The Week
Thursday, February 13, 2025
07:00 PM | US – PPI MoM (JAN)
07:00 PM | US – Core PPI MoM (JAN)
07:00 PM | US – Initial Jobless Claims (FEB/0)
Friday, February 14, 2025
03:30 PM | EA – GDP Growth Rate QoQ (2nd Estimate, Q4)
07:00 PM | US – Retail Sales MoM (JAN)
07:45 PM | US – Industrial Production MoM (JAN)
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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
