RBI Rate Cut, Bank of Japan, Bank of England: Gold and silver prices surged on Friday, with gold nearing $2,890 on COMEX futures and silver trading at $32.78. In the spot market, gold climbed $10 to around $2,866. Japan’s household spending surged 2.7% year-on-year in December, far exceeding Reuters’ forecast of a 0.2% increase and marking the first rise since July 2024. The stronger-than-expected data strengthens the case for another interest rate hike by the Bank of Japan in the coming months.
Meanwhile, the Reserve Bank of India (RBI) is expected to cut interest rates by 25 basis points to 6.25% in its upcoming policy meeting, its first rate reduction in nearly five years. Indian government bonds have rallied in anticipation of the move.
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However, on Thursday, gold and silver settled lower in international markets. Gold April futures closed at $2,876.70 per troy ounce, down 0.56%, while silver March futures ended at $32.6https://youtube.com/live/SFhoZbaxAqc?feature=share26, down 1.06%. Domestic markets followed the trend despite a weaker rupee, with gold April futures settling at ₹84,444 per 10 grams (-0.15%) and silver March futures at ₹95,588 per kilogram (-0.39%). The decline was driven by routine profit-taking ahead of the U.S. monthly job report and a rebound in the dollar index, which has strengthened amid global economic uncertainty.
Gold and silver prices also corrected after the Bank of England cut interest rates by 25 basis points while maintaining a hawkish outlook on future rate cuts. However, weaker U.S. jobless claims and disappointing European retail sales and construction PMI data have kept safe-haven demand for precious metals intact. A weaker rupee is further supporting domestic gold and silver prices.
Technical Outlook by Manoj Kumar Jain, Director at Prithvi Finmart:
- Gold (COMEX): Support at $2,810-$2,844; resistance at $2,888-$2,904 per troy ounce.
- Silver (COMEX): Support at $31.80-$32.10; resistance at $32.88-$33.20 per troy ounce.
- Gold (MCX): Support at ₹84,040-₹83,700; resistance at ₹84,800-₹85,100.
- Silver (MCX): Support at ₹94,750-₹94,000; resistance at ₹96,200-₹97,000.
Manoj Kumar Jain, Director at Prithvi Finmart, suggests buying silver around ₹95,000 with a stop loss at ₹94,250 for a target of ₹96,600.
Volatility is expected to remain high in the precious metals market amid the strengthening dollar, ongoing U.S.-China trade tensions, and the upcoming U.S. jobs report.
Friday, February 7, 2025
- US:
- 07:00 PM – Non-Farm Payrolls (January)
- 07:00 PM – Unemployment Rate (January)
- 08:30 PM – Michigan Consumer Sentiment (Preliminary
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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
