Comex Silver – Gold Price Today

Gold Price Today: Uncertainty Rises on Trump’s Flip-Flops; Comex Gold Gains $70

Nisha V — Thu, 24 Apr 2025 02:18:31 +0000

Gold Price Today News @goldpricetodaynews: Gold prices rebounded sharply on Thursday morning, recovering from their steep fall the previous night. On Comex, gold futures surged over $70 and were trading near $3,371 per troy ounce. Spot gold also rose by $65, crossing the $3,350 mark as investors responded to renewed signals from the White House suggesting a softer stance on trade and monetary policy.

The key driver behind the bounce was increasing uncertainty in the market stemming from U.S. President Donald Trump’s changing tone on several major policy fronts, particularly the trade war with China and his approach to Federal Reserve leadership.

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U.S. Treasury Secretary Scott Bessent told investors that the current tariff levels between the U.S. and China are unsustainable. The U.S. currently has 145% tariffs on Chinese products, while China has imposed 125% tariffs on American goods. Bessent made it clear that neither country could continue under these conditions.

“Neither side believes that these are sustainable levels. As I said yesterday, this is the equivalent of an embargo and a break between the two countries in trade does not suit anyone’s interest,” Bessent told reporters.

While Bessent indicated that the U.S. is willing to explore significant tariff cuts—possibly as low as 50% according to Wall Street Journal reports—he also stressed that the Trump administration would not act unilaterally. Sources suggest the White House is open to a substantial cut in tariffs on Chinese auto parts ahead of a May 3 deadline, though no final decision has been made.

U.S. President Donald Trump on Wednesday expressed optimism about resolving the trade dispute with China, saying a “fair deal” could be on the horizon. However, his administration has so far provided little clarity on how and when it might ease the steep tariffs currently burdening both economies.

Trump told reporters his country would have a “fair deal with China,” adding that “everything’s active” when asked if Washington was in talks with Beijing.

As for the possibility of lowering tariffs, the President said that would depend on China’s approach: “depends on them,” Trump noted, while stressing his good relationship with Chinese President Xi Jinping. “I get along very well” with Xi, he said, and expressed hope that both sides can eventually reach an agreement.

In the Oval Office, when asked about reducing tariffs on autos, President Trump suggested the opposite. However, he continued to maintain a more measured tone on broader trade issues, stating:

“We’re going to be very nice, and they’re going to be very nice, and we’ll see what happens,” Trump said.

Meanwhile, geopolitical tensions also played into gold’s volatility. President Trump and Ukrainian President Volodymyr Zelenskiy had another public disagreement over the ongoing Ukraine conflict, particularly regarding Crimea. Vice President JD Vance added pressure, urging both Russia and Ukraine to agree to a U.S.-backed peace proposal or risk American withdrawal from the negotiation process.

On Wednesday, gold and silver futures ended mixed globally. Gold June contracts settled at $3,294.10 per troy ounce, down 3.66%, while silver May contracts rose 1.95% to $33.547. In India, gold futures settled at ₹94,722 per 10 grams (down 2.69%), and silver at ₹97,799 per kg (up 2.00%).

The sharp fall in gold was largely due to easing risk sentiment following Trump’s assurance that Federal Reserve Chair Jerome Powell would not be removed. The dollar index rebounded, and equity markets strengthened, triggering profit-taking in gold. However, silver showed resilience supported by stronger-than-expected U.S. housing and manufacturing data.

Manoj Kumar Jain, Director at Prithvi Finmart, commented:

“We expect gold and silver prices to remain volatile this week amid fluctuations in the dollar index and U.S.-China trade tensions. Gold prices could hold support at $3,200, while silver may find support around $29.88 per ounce.”

Jain added that gold has near-term support at $3,264–3,220 and resistance at $3,330–3,374. For silver, support lies at $33.20–32.84 and resistance at $33.88–34.40. On MCX, gold may find support at ₹94,000–₹93,350 and face resistance at ₹95,400–₹96,100, while silver could test support at ₹96,950–₹96,200 and aim for resistance between ₹98,500–₹99,400.

He suggests a buy-on-dips strategy:

“Buy silver around ₹97,400 with a stop loss of ₹96,600 for a target of ₹99,000,” said Jain.

Despite recent volatility, the long-term fundamentals of gold remain intact, supported by global central bank buying and increasing ETF inflows.

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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.

Gold Surges Past Historic ₹84,000 Mark on MCX, Can Gold Prices Hit $2,900? Trump’s Policies Drive Market Volatility

Nisha V — Wed, 05 Feb 2025 03:41:08 +0000

Comex Gold Price, Silver Price, MCX gold: Gold prices are soaring amid escalating geopolitical tensions and policy uncertainties fueled by former U.S. President Donald Trump. On COMEX, gold futures are trading near $2,880 per ounce, with the $2,900 mark within reach. Silver is also gaining momentum, eyeing the $33 level. Gold prices on MCX crossed the historic ₹84,000 level today, rising by ₹300. In contrast, silver saw a slight decline, trading near ₹95,500 with a drop of ₹250.

Geopolitical Unrest Fuels Gold Rally
Trump’s recent proposals, including U.S. ownership of the Gaza Strip and a hardline stance on Iran, have reignited market volatility. Trump declared, “With me, it’s very simple: Iran cannot have a nuclear weapon,” intensifying concerns over Middle East stability.

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Meanwhile, Saudi Arabia reaffirmed it won’t establish ties with Israel without the creation of a Palestinian state, countering Trump’s claims. These developments are creating a ripple effect in global markets, driving safe-haven demand for gold and silver.

Macroeconomic Factors at Play
The Federal Reserve’s cautious approach adds another layer of uncertainty. Fed Vice Chair Philip Jefferson stated, “I do not think we need to be in a hurry to change our stance,” signaling a wait-and-see approach amid global instability.

On Tuesday, gold April futures settled at $2,875.80 per troy ounce, up 0.66%, while silver March futures closed at $33.022, gaining 1.53%. In domestic markets, gold futures ended at ₹83,797 per 10 grams (up 0.62%), and silver at ₹95,709 per kilogram (up 1.54%).

Impact of Trade Wars and Dollar Index Movements
Gold and silver prices extended gains amid trade uncertainties. The U.S. paused tariffs on Canada and Mexico for a month, causing the dollar index to plunge. However, tensions with China escalated as both nations imposed new tariffs, with China launching a probe against Google.

Disappointing U.S. economic data further supported precious metal prices. Analysts expect gold and silver to hold key support levels at $2,770 and $31.40 per ounce, respectively, on a weekly basis.

Expert Insights and Market Outlook
Manoj Kumar Jain, Director at Prithvi Finmart, anticipates continued volatility due to fluctuations in the dollar index, U.S. trade policies, and the upcoming Bank of England policy meeting.

According to Jain:
Gold Support: $2,854-$2,840 | Resistance: $2,888-$2,900 per ounce
Silver Support: $32.80-$32.55 | Resistance: $33.30-$33.50 per ounce

For MCX traders:
Gold Support: ₹83,440-₹83,100 | Resistance: ₹84,050-₹84,400
Silver Support: ₹95,000-₹94,400 | Resistance: ₹96,300-₹97,000

Jain recommends buying silver around ₹95,100 with a stop loss at ₹94,400, targeting ₹96,600.

With geopolitical tensions rising and economic policies shifting rapidly, gold and silver are poised for further gains. Investors are closely watching Trump’s next moves, U.S. trade developments, and central bank policies, all of which will shape the trajectory of precious metal markets in the coming weeks.

Big Events of The Week
Wednesday, February 5, 2025
US:
06:45 PM – ADP Employment Change (January)
07:00 PM – Exports (December)
07:00 PM – Imports (December)
08:30 PM – ISM Services PMI (January)

Thursday, February 6, 2025
US:
06:00 AM – Fed Governor Jefferson Speech
07:00 PM – Initial Jobless Claims (February)

UK
05:30 PM GB BoE Interest Rate Decision

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

Comex Gold Hits All-Time High at $2,850 as Trump Reignites Tariff Fears

Nisha V — Fri, 31 Jan 2025 02:44:56 +0000

MCX Gold Price, Comex Gold Price, Silver Price: Gold prices soared to a record high of $2,850 per troy ounce on COMEX futures, while silver also gained momentum. In the domestic market, gold April futures settled at ₹82,044 per 10 grams on MCX in the night session. The renewed uncertainty following Trump’s tariff threats on Mexico, Canada, and China has fueled safe-haven demand for gold.

Trump Confirms Tariffs on Mexico, Canada & China

President Donald Trump reiterated his plan to impose 25% tariffs on imports from Canada and Mexico starting February 1, citing concerns over trade deficits and the fentanyl crisis. Speaking from the Oval Office, he emphasized that these tariffs were part of broader economic measures.

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Trump said ”With China, I’m also thinking about something because they’re sending fentanyl into our country, and because of that, they’re causing us hundreds of thousands of deaths. So China is going to end up paying a tariff also for that, and we’re in the process of doing that.”

Gold & Silver Surge on Weak U.S. Data and ECB Rate Cut

Precious metals surged on Thursday following disappointing U.S. economic data and an ECB rate cut.

U.S. Pending Home Sales fell by -5.0% in December, significantly missing expectations of a 4.0% increase.
U.S. Q4 GDP came in at 2.3%, lower than the expected 2.7% and the previous 3.1% reading.
ECB cut interest rates by 25 basis points, further boosting gold prices.

In response, gold prices hit record highs, while silver reached an 8-week high in international markets.

Market Performance on Thursday

International Market:

Gold (April futures): $2,845.20 per troy ounce 1.85%
Silver (March futures): $32.493 per troy ounce 3.50%

Domestic Market (MCX):

Gold (April futures): ₹82,044 per 10 grams 1.45%
Silver (March futures): ₹93,446 per kg 1.72%

MCX Technical Outlook

Manoj Kumar Jain, Director at Prithvi Finmart, expects continued volatility due to fluctuations in the dollar index and global financial markets ahead of the U.S. Core PCE Price Index data.

Key Levels:

Gold (International):
- Support: $2,828-$2,800
- Resistance: $2,862-$2,884
Silver (International):
- Support: $32.00-$31.70
- Resistance: $32.80-$33.20
Gold (MCX):
- Support: ₹81,660-₹81,325
- Resistance: ₹82,480-₹83,000
Silver (MCX):
- Support: ₹92,800-₹92,220
- Resistance: ₹94,200-₹95,000

Jain’s Trading Recommendation:
Buy Silver around ₹92,800 with a stop loss of ₹92,000 for a target of ₹94,400.

Key Events to Watch This Week
Friday, January 31, 2025
07:00 PM (US): Core PCE Price Index MoM (DEC),
07:00 PM (US):Personal Income MoM (DEC),
07:00 PM (US):Personal Spending MoM (DEC), ‘
07:00 PM (US): PCE Price Index MoM (DEC)

Saturday, February 1, 2025
US: Trump Tariff Orders
11 AM India: Budget Announcement
India: MCX Open for Gold, Silver Trading

With increasing global uncertainty, gold and silver remain key safe-haven assets, and volatility is expected to persist in the near term.

Gold and Silver Brace for Volatility as US Fed, BoJ, BoE, and PBoC Set to Announce Rate Decisions

Nisha V — Sun, 15 Dec 2024 17:12:54 +0000

Gold Price, Federal Reserve Meeting, Bank of Japan Meeting, Comex Gold Price, US Fed: This week, all eyes are on four major central banks as they announce critical interest rate decisions. The Federal Reserve, Bank of England, Bank of Japan, and People’s Bank of China are set to unveil their policies, shaping the outlook for global financial markets. Among these, the Federal Reserve meeting is particularly crucial as it will project interest rates, GDP growth, and inflation for 2025.

Speculation surrounds the Bank of Japan’s decision, with many analysts anticipating a rate hike, although the BoJ has remained tight-lipped about its plans.

Gold and Silver Price Update
On Friday, both gold and silver ended the week on a weaker note in international and domestic markets:
International Markets:
Gold February futures settled at $2,675.80 per troy ounce, down 1.24%.
Silver March futures settled at $31.028 per troy ounce, down 1.87%.

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Domestic Markets (MCX):
Gold February futures closed at ₹77,136 per 10 grams, a loss of 1.07%.
Silver March futures settled at ₹91,001 per kilogram, down 1.76%.

The bearish momentum in bullion markets followed the release of hotter-than-expected U.S. Producer Price Index (PPI) data. November’s U.S. PPI came in at 3.0%, well above the Federal Reserve’s inflation target of 2.0%, which cast doubt on future rate cuts in 2025.

Market Sentiments and Predictions
Despite the mixed economic data, gold and silver prices remain supported by geo-political tensions and Chinese stimulus expectations.
Manoj Kumar Jain, Director at Prithvi Finmart, expects bullion prices to remain volatile this week due to dollar index fluctuations, central bank meetings, and ongoing geo-political developments. He highlighted key levels to watch:
Comex Gold:
Support: $2,588–$2,642 per troy ounce
Resistance: $2,694–$2,722 per troy ounce

Comex Silver:
Support: $30.74–$31.40 per troy ounce
Resistance: $31.40–$31.70 per troy ounce
In the domestic market (MCX):
Gold Support: ₹76,800–₹76,440
Gold Resistance: ₹77,450–₹77,720
Silver Support: ₹90,350–₹89,500
Silver Resistance: ₹91,800–₹92,650

Jain advised investors to wait for market stability before initiating fresh long positions and suggested adding bullion in a staggered manner for long-term investments.

Key Predictions
CA Surendra Mehta, National Secretary of IBJA, maintained his accurate predictions from last week and provided the following range forecasts for 16–20 December 2024:
Gold Spot: $2,610–$2,710
Silver Spot: $30.02–$31.29
Gold INR: ₹75,850–₹78,750
Silver INR: ₹89,400–₹93,200

JM Financial’s View
Gold prices are expected to maintain a positive trend with strong support at ₹76,500. An upside potential is projected at ₹79,000–₹79,800. However, if gold breaches the ₹76,500 level, further corrections could be seen. For silver, momentum remains strong above ₹89,850, with prices likely to move higher toward ₹96,500–₹98,800.

SMC Global’s Outlook
On COMEX, gold is anticipated to trade within the range of $2,570–$2,690, while silver is projected to range between $30.50–$33.00. On MCX, gold is expected to move between ₹75,100–₹77,900, and silver between ₹88,900–₹95,000, as investors navigate mixed market signals.

CA Surendra Mehta, National Secretary, IBJA
“Last week, we projected spot gold could rise to $2,723, and it exceeded expectations, reaching $2,726.”
For the week of December 16–20, 2024, the predicted ranges are:
Gold Spot: $2,610–$2,710
Gold (INR): ₹75,850–₹78,750
Silver Spot: $30.02–$31.29
Silver (INR): ₹89,400–₹93,200

Big Events of The Week
United States (US)
Monday, December 16, 2024
8:15 PM: S&P Global Composite PMI Flash (DEC)
8:15 PM: S&P Global Manufacturing PMI Flash (DEC)

China (CN)
7:30 AM: Industrial Production YoY (NOV)
7:30 AM: Retail Sales YoY (NOV)
7:30 AM: Unemployment Rate (NOV)

Tuesday, December 17, 2024
US
7:00 PM: Retail Sales MoM (NOV)
7:00 PM: Retail Sales YoY (NOV)
7:45 PM: Industrial Production MoM (NOV)

Wednesday, December 18, 2024
US
7:00 PM: Building Permits Prel (NOV)
7:00 PM: Housing Starts (NOV)
12:30 AM: Fed Interest Rate Decision
12:30 AM: FOMC Economic Projections
12:30 AM: Interest Rate Projection – Longer Term
1:00 AM: Fed Press Conference
Euro Area (EA)
3:30 PM: Inflation Rate YoY Final (NOV)

Thursday, December 19, 2024
US
7:00 PM: GDP Growth Rate QoQ Final (Q3)
7:00 PM: GDP Price Index QoQ Final (Q3)
7:00 PM: Initial Jobless Claims (DEC 14)
7:00 PM: Core PCE Prices QoQ Final (Q3)
8:30 PM: Existing Home Sales (NOV)

United Kingdom (UK)
5:30 PM: BoE Interest Rate Decision

Japan (JP)
8:30 AM: BoJ Interest Rate Decision

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)

China
6:45 AM: Loan Prime Rate 1Y
6:45 AM: Loan Prime Rate 5Y

Outlook for the Week
The Federal Reserve’s policy meeting and economic projections for 2025 will likely set the tone for the markets, with investors closely monitoring inflation and rate trajectory. The Bank of Japan’s unexpected moves and geo-political developments will also influence gold and silver prices. While near-term volatility is expected, long-term investors can use dips as buying opportunities.

Gold Silver Price: Gold Prices Near $2,700, What to Watch Today

Nisha V — Tue, 10 Dec 2024 06:20:46 +0000

Gold prices surged, nearing $2,700 per ounce, as optimism around a potential U.S. Federal Reserve rate cut and China’s monetary policy shift bolstered sentiment. The Fed Watch Tool now indicates an 86% probability of a rate cut during the December 18 Fed meeting. Meanwhile, renewed gold purchases by the People’s Bank of China (PBoC) added further support to the precious metal.

China’s Economic Policy Shift
China reported weaker-than-expected trade data for November, with exports rising 6.7% year-on-year and imports declining 3.9%. In response to slowing growth, China announced its first major monetary policy shift since 2010, signaling an “appropriately loose” stance aimed at stimulating domestic consumption and innovation. This policy adjustment was revealed after a Politburo meeting and is expected to influence the upcoming Central Economic Work Conference.

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Market Performance
In international markets, gold February futures closed at $2,685.80 per troy ounce, up 0.99%, while silver March futures ended at $32.611, up 3.24%. Domestically, gold February futures settled at ₹77,486 per 10 grams (up 1.13%), and silver March futures closed at ₹95,197 per kilogram (up 2.97%). These gains marked two-week highs for gold and four-week highs for silver.

Factors Driving Safe-Haven Demand
Heightened geopolitical tensions, including the political crisis in South Korea and instability in the Middle East, have supported safe-haven buying. Additionally, the PBoC’s purchase of 5 metric tons of gold in November—its first in six months—provided a tailwind for gold prices.

Expert Analysis
Manoj Kumar Jain of Prithvi Finmart noted that gold and silver prices could remain volatile this week due to fluctuations in the dollar index, geopolitical developments, and U.S. inflation data. However, he highlighted key support levels at $2,588 for gold and $29.88 for silver on a weekly closing basis.

Intraday Levels by Manoj Kumar Jain, Prithvi Finmart:

Gold (International): Support at $2,674–$2,654; resistance at $2,700–$2,722.
Silver (International): Support at $32.20–$31.84; resistance at $32.88–$33.20.
Gold (MCX): Support at ₹77,140–₹76,800; resistance at ₹77,770–₹78,050.
Silver (MCX): Support at ₹94,400–₹93,600; resistance at ₹96,000–₹96,650.

Trading Strategy:
Jain recommends buying gold around ₹77,150 with a stop loss at ₹76,800, targeting ₹77,800. For silver, he suggests buying near ₹94,500 with a stop loss at ₹93,650 and a target of ₹96,100.

Kedia Commodity analysts emphasized that gold is testing a crucial resistance at $2,665. A confirmed breakout could push prices toward $2,690 and November 24’s high of $2,720. Key downside supports are at $2,620 and $2,605.

Gold and silver prices are poised for further movement amid evolving macroeconomic conditions and geopolitical uncertainties.

Key Events of the Week
Tuesday, December 10, 2024
United States
07:00 PM: Nonfarm Productivity QoQ (Final Q3)

Wednesday, December 11, 2024
United States
07:00 PM: Core Inflation Rate MoM (NOV)
07:00 PM: Core Inflation Rate YoY (NOV)
07:00 PM: Inflation Rate MoM (NOV)

China
Central Economic Work Conference

Thursday, December 12, 2024
United States
07:00 PM: PPI MoM (NOV)
07:00 PM: Core PPI MoM (NOV)
07:00 PM: Initial Jobless Claims (DEC/07)
Euro Area
06:45 PM: ECB Interest Rate Decision
07:15 PM: ECB Press Conference
08:15 PM: ECB Economic Projections
08:45 PM: Speech by ECB President Lagarde

Friday, December 13, 2024
United States
03:00 AM: Fed Balance Sheet
07:00 PM: Export Prices MoM (NOV)

Geopolitical Tensions
Russia-Ukraine Conflic
Syria Crisis
Israel-Hamas Conflict

Gold Price Today 10 December
99.50~79400 (+900)
23 KT~77400
22 KT~74200
20 KT~67700
18 KT~61000
14 KT~48700
9999 SILVER:~96400 (+3100)

China Resumes Gold Buying: Focus Shifts to ECB Rate Decision This Week

Nisha V — Sun, 08 Dec 2024 03:01:56 +0000

Gold Price, Silver Price, China Gold buying, ECB Meeting Date: The People’s Bank of China (PBOC) resumed gold purchases in November, reporting a 5-tonne increase in its reserves, now totaling 2,269 tonnes. This marks the first addition since April. Meanwhile, the National Bank of Poland added 21 tonnes to its gold reserves in November, extending its buying streak to eight consecutive months. Year-to-date, Poland’s net gold purchases stand at 90 tonnes, raising its total reserves to 448 tonnes.

In 2024, China’s gold jewellery demand has significantly weakened, while investment demand remains robust. According to the World Gold Council, the decline in jewellery demand could moderate, while investment growth is likely to slow in 2025.

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This week, markets are focused on the ECB meeting, China’s Central Economic Work Conference, and critical U.S. inflation data, signaling potential volatility for gold and silver prices.

Geopolitical Developments
Former U.S. President Donald Trump stirred controversy with a Twitter post on the Syria crisis, stating:
“There was never much of a benefit in Syria for Russia, other than to make Obama look really stupid. In any event, Syria is a mess, but is not our friend, & THE UNITED STATES SHOULD HAVE NOTHING TO DO WITH IT. THIS IS NOT OUR FIGHT. LET IT PLAY OUT. DO NOT GET INVOLVED!”

Market Performance
On Friday, gold and silver closed on a positive note in the international markets:
Gold February Futures: Settled at $2,659.60 per troy ounce, up by 0.42%.
Silver March Futures: Settled at $31.588 per troy ounce, up by 0.16%.

In the domestic market, gold and silver also ended slightly higher:
Gold February Futures: Closed at ₹76,619 per 10 grams, up by 0.19%.
Silver March Futures: Closed at ₹92,448 per kilogram, up by 0.03%.

Key Drivers
Gold and silver traded within a narrow range last week, maintaining key support levels on a weekly closing basis. Mixed U.S. economic data influenced the bullion markets:
– Better-than-expected job data limited gains.
– Higher unemployment rates and a surge in jobless claims supported prices.
– Declines in the dollar index and U.S. bond yields provided further relief.
– Political instability in France and the Russia-Ukraine conflict also contributed to price resilience, while a weaker rupee against the U.S. dollar supported domestic prices.

Expert Outlook
According to Manoj Kumar Jain, Director at Prithvi Finmart, gold and silver prices are expected to remain volatile this week, driven by fluctuations in the dollar index and U.S. inflation data.

Manoj Kumar Jain Key weekly support and resistance levels are as follows:
Gold (COMEX): Support at $2,642–$2,628, resistance at $2,674–$2,688.
Silver (COMEX): Support at $31.30–$31.00, resistance at $31.84–$32.10.
Gold (MCX): Support at ₹76,400–₹76,180, resistance at ₹76,850–₹77,100.
Silver (MCX): Support at ₹91,800–₹91,150, resistance at ₹93,000–₹93,600.

Manoj Kumar Jain suggest buying gold on dips around 76300 with a stop loss of 76040 for the target of 76850 and also suggest buying silver around 91800 with a stop loss of 91150 for the target of 93000.

SMC Global Says On COMEX, gold is forecasted to trade between $2,570–$2,690, while silver may range from $30.50–$33.00. On MCX, gold is expected to trade within ₹75,100–₹77,900, and silver between ₹88,900–₹95,000, as investors weigh mixed market cues.

Key Events of the Week
Monday, December 9, 2024
China
07:00 AM: Inflation Rate YoY (NOV)
United States
09:30 PM: Consumer Inflation Expectations (NOV)

Tuesday, December 10, 2024
United States
07:00 PM: Nonfarm Productivity QoQ (Final Q3)

Wednesday, December 11, 2024
United States
07:00 PM: Core Inflation Rate MoM (NOV)
07:00 PM: Core Inflation Rate YoY (NOV)
07:00 PM: Inflation Rate MoM (NOV)

China
Central Economic Work Conference

Thursday, December 12, 2024
United States
07:00 PM: PPI MoM (NOV)
07:00 PM: Core PPI MoM (NOV)
07:00 PM: Initial Jobless Claims (DEC/07)
Euro Area
06:45 PM: ECB Interest Rate Decision
07:15 PM: ECB Press Conference
08:15 PM: ECB Economic Projections
08:45 PM: Speech by ECB President Lagarde

Friday, December 13, 2024
United States
03:00 AM: Fed Balance Sheet
07:00 PM: Export Prices MoM (NOV)

Geopolitical Tensions
Russia-Ukraine Conflict
Syria Crisis
Israel-Hamas Conflict

Gold and Silver Prices Open Positively on Friday Amid Mixed Global Factors

Nisha V — Fri, 29 Nov 2024 02:14:54 +0000

Gold Price, Comex Gold Price, Comex Silver Price, Gold News: Gold and silver prices started Friday on a positive note in the international markets, with silver climbing over 1% and gold trading near $2,650 per troy ounce. Tokyo’s November headline inflation rate rebounded to 2.6% from October’s 1.8%, while core inflation excluding fresh food costs rose to 2.2%, slightly above expectations. Meanwhile, the U.S. Dollar Index hovers around 106. U.S. markets remained closed on Thursday for the Thanksgiving holiday and will operate for a half day on Friday.

On Thursday, gold and silver posted slight gains in thin-volume trading due to the U.S. Thanksgiving holiday. Gold February futures settled at $2,661.50 per troy ounce (+0.01%), and silver March futures closed at $30.685 per troy ounce (+0.38%). In domestic markets, gold February futures ended at ₹76,556 per 10 grams (+0.05%), while silver March futures closed at ₹90,135 per kilogram (+0.42%).

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The recovery in precious metal prices stemmed from speculation of Federal Reserve rate cuts in December, despite marginally higher U.S. Core PCE inflation data of 2.8% for October, above the Fed’s 2% target. A resilient U.S. job market provides room for potential rate adjustments. Additionally, escalating Russia-Ukraine tensions, marked by long-range missile strikes, supported prices, although gains might be capped by a possible ceasefire deal between Israel and Hamas.

Market Outlook
Manoj Jain predicts continued price volatility due to geopolitical tensions and fluctuations in the dollar index. Key support and resistance levels for gold are $2,645-$2,632 and $2,680-$2,694, respectively, while silver’s range is $30.35-$30.10 (support) and $30.88-$31.20 (resistance).

On MCX, gold has support at ₹76,300-₹76,040 and resistance at ₹76,800-₹77,100. Silver’s support is at ₹89,350-₹88,700, with resistance at ₹90,800-₹91,450. Jain recommends buying silver around ₹89,500 with a stop loss of ₹88,750, targeting ₹90,800.

Big Events Today
Friday, November 29, 2024
Holiday – United States: Early close at 11:30 PM IST, Normal close at 1:30 AM IST
03:30 PM (EA) – Eurozone Inflation Rate YoY Flash (NOV)
03:30 PM (EA) – Eurozone Core Inflation Rate YoY Flash (NOV)
05:20 AM (JP) – Japan Industrial Production MoM Prelim (OCT)
05:20 AM (JP) – Japan Retail Sales YoY (OCT)

Geopolitical Tensions
Russia-Ukraine Conflict
Israel-Hamas Conflict

Ajay Kedia View on Gold and Silver Prices

Gold Price: Israel and Hezbollah Agree to Ceasefire as Markets Eye Key US Data Today

Nisha V — Wed, 27 Nov 2024 02:32:10 +0000

Gold Price Big Fall, Silver Price, gold news, silver news: Gold and silver prices remained steady on Wednesday, with global markets closely monitoring upcoming US economic data. In the international spot market, gold is trading at $2,633 per troy ounce, reflecting an $11 increase. Meanwhile, silver is flat at $30.45 per troy ounce.

Market participants are awaiting critical US economic indicators, including GDP, Core PCE, and initial jobless claims data, which are set to be released later this evening. These figures are expected to provide further direction for precious metals and broader market trends.

For Expert Views on Gold and Silver Prices Watch Our Youtube Channel- (10 Million Views)

Global Developments
In a significant diplomatic breakthrough, Israel and Hezbollah have agreed to a ceasefire brokered by the United States and France. The ceasefire, set to take effect on Wednesday, is aimed at ensuring long-term peace in the region. As part of the agreement, Israel will withdraw its forces while Lebanon plans to deploy 5,000 troops to maintain order. Israeli Prime Minister Benjamin Netanyahu warned that any violations by Hezbollah would be met with a strong response.

US Federal Reserve Meeting Insights
Minutes from November’s FOMC meeting highlight Federal Reserve officials’ optimism about easing inflation and a resilient labor market. The Fed remains comfortable with inflation trends, despite levels exceeding the 2% target, signaling a gradual pace for future rate cuts.

Key economic data to monitor:
US GDP, Core PCE, and initial jobless claims. Note, US markets will be closed on November 28 for Thanksgiving.

Gold and Silver Market Overview
International markets:
Gold settled at $2,646.30/troy ounce (+0.14%), and silver at $30.832/troy ounce (+0.56%).

Domestic markets:
Mixed performance; gold ended at ₹75,211/10g (-0.13%), and silver at ₹88,250/kg (+0.63%).

Prices rebounded following Monday’s sell-off, supported by easing bond yields and the Israel-Hamas ceasefire.

Other Market Drivers
US housing data was disappointing, with a 17.3% drop in October new home sales due to high mortgage rates. Bitcoin saw a correction, dipping to $92,000, indirectly supporting precious metals. Market concerns remain over potential inflationary impacts from Trump’s tariff plans.

Expert Outlook
Manoj Kumar Jain, Director at Prithvi Finmart, predicts volatility in gold and silver prices this week amid fluctuations in the dollar index and the release of key US economic data.
Comex Gold: Support at $2,622-$2,604; resistance at $2,658-$2,680/troy ounce.
Comex Silver: Support at $30.55-$30.20; resistance at $31.10-$31.40/troy ounce.
MCX Gold: Support at ₹74,850-₹74,600; resistance at ₹75,500-₹75,770.
MCX Silver: Support at ₹87,650-₹86,950; resistance at ₹88,900-₹89,550.
Jain suggests buying silver on dips around ₹87,700 with a stop loss at ₹87,150 for a target of ₹89,000.

Big Events of The Week
Wednesday, November 27, 2024
07:00 PM (US) – Core PCE Price Index MoM (OCT)
07:00 PM (US) – Durable Goods Orders MoM (OCT)
07:00 PM (US) – GDP Growth Rate QoQ (Q3, 2nd Estimate)
07:00 PM (US) – Personal Income MoM (OCT)
07:00 PM (US) – GDP Price Index QoQ (Q3, 2nd Estimate)
07:00 PM (US) – Initial Jobless Claims (Week of NOV 23) – 213K
07:00 PM (US) – PCE Price Index MoM (OCT) – 0.2%
07:00 PM (US) – Core PCE Price Index YoY (OCT) – 2.7%
07:00 AM (CN) – Industrial Profits (YTD) YoY (OCT)

Thursday, November 28, 2024
Holiday – United States: Thanksgiving Day

Friday, November 29, 2024
Holiday – United States: Early close at 11:30 AM IST, Normal close at 1:30 AM IST
03:30 PM (EA) – Eurozone Inflation Rate YoY Flash (NOV)
03:30 PM (EA) – Eurozone Core Inflation Rate YoY Flash (NOV)
05:20 AM (JP) – Japan Industrial Production MoM Prelim (OCT)
05:20 AM (JP) – Japan Retail Sales YoY (OCT)

Geopolitical Tensions
Russia-Ukraine Conflict
Israel-Hamas Conflict

Manoj Kumar Jain on Gold and Silver Price Outlook

Gold Prices Surge Amid Market Uncertainty, Eyes on U.S. Jobless Claims Data

Nisha V — Thu, 21 Nov 2024 03:52:22 +0000

Gold Price, Silver Price, Gold Silver News: Gold and silver prices have seen notable movement today as investors look toward key jobless claims data for further direction. On Wednesday, global markets closed on a mixed note: December gold futures rose by 0.79% to $2,651.70 per troy ounce, while December silver futures fell by 0.82%, settling at $31.005.

Domestic markets reflected similar trends. December gold futures climbed 0.59% to ₹76,034 per 10 grams, while December silver futures slipped 0.59% to ₹90,089 per kilogram. Precious metals traded amidst heightened volatility, impacted by the rebounding dollar index and U.S. 10-year bond yields. Escalating Russia-Ukraine tensions—exacerbated by a Ukrainian missile strike—also contributed to safe-haven demand for gold.

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Gold prices crossed the $2,650 per troy ounce threshold again, spurred by global growth worries and the possibility of new U.S. tariffs on China. Russian warnings of nuclear retaliation have also added to investor caution, while silver prices, though recovering from their lows, still face resistance. Expectations of further stimulus from China may lend support to both gold and silver prices.

Prithvi Finmart Director Manoj Kumar Jain expects continued volatility, with gold and silver holding key support levels of $2,554 and $29.88 per troy ounce, respectively. For the current session, Jain notes gold has support at $2,634-$2,622 and resistance at $2,666-$2,680, while silver’s support is at $30.84-$30.55 with resistance at $31.34-$31.70 per troy ounce. In the domestic MCX, gold holds support at ₹75,800-₹75,550 and resistance at ₹76,330-₹76,650, with silver supported at ₹89,450-₹88,800 and resistance at ₹90,750-₹91,300. Jain suggests buying gold on dips around ₹75,900 with a target of ₹76,440.

Kedia Commodity View on Gold Silver
GOLD – 76034
Resistance: 76335-76635-77095
Support: 75575-75115-74815

SILVER – 90089
Resistance: 90765-91440-92190
Support: 89340-88590-87915

GOLD$ – 2652.19
Resistance: 2665.03-2678.51-2689.71
Support: 2628.52-2605.49-2594.29

SILVER$ – 30.9255
Resistance: 31.24-31.56-31.78
Support: 30.69-30.46-30.24

IIDM Daily update
Spot Gold rose by 0.7% and hit more than a week’s high of $2655/oz on Wednesday on escalating Russia-Ukraine tensions. Resistance level is situated at 2660 above which we can see an upside move towards 2675-2695. Crucial support is seen at 2640 below which a further dip towards 2625-2615 can be seen.

Big Events of The Week
Thursday, November 21, 2024
07:00 PM (US): Initial Jobless Claims (Week of November 16)
08:30 PM (US): Existing Home Sales (October)
10:55 PM (US): Fed Goolsbee Speech
11:00 PM (US): Fed Hammack Speech

Friday, November 22, 2024
03:00 AM (US): Fed Balance Sheet (Week of November 20)
08:15 PM (US): S&P Global Composite PMI Flash (November)
08:15 PM (US): S&P Global Manufacturing PMI Flash (November)

Gold Silver View Dr Renisha Chainani, Augmont

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.

Gold Drops Significantly, Spot gold near $2,550 with Markets Focused on Fed Chair Powell’s Speech Today

Nisha V — Thu, 14 Nov 2024 04:41:50 +0000

Comex Gold, Big Fall Gold Price, MCX gold price, MCX Silver price: Gold and silver prices continue their downward slide, with spot gold approaching the $2,550 mark, influenced by various macroeconomic factors. Today’s spotlight is on Federal Reserve Chair Jerome Powell’s upcoming speech and the release of Producer Price Index (PPI) data, which could further shape market sentiment.

On Wednesday, both metals settled lower in international markets. Comex Gold’s December futures contract closed at $2,586.50 per troy ounce, a decline of 0.76%, while silver’s December futures ended at $30.663 per troy ounce, down by 0.31%. Domestic markets mirrored the trend as gold December futures settled at ₹74,482 per 10 grams (down 0.56%) and silver December futures at ₹89,197 per kilogram (down 0.15%).

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The extended decline in precious metals is attributed to a robust rally in the U.S. dollar, cryptocurrencies, and rising bond yields. The U.S. 10-year bond yield crossed 4.40%, prompting investors to shift away from gold and silver. Additionally, the dollar index surged past 106, nearing a one-year high following Donald Trump’s U.S. Presidential election win. Bitcoin also soared, hitting an all-time high above $93,000, drawing significant investor interest and further dampening demand for precious metals.

Inflation data released on Wednesday showed the U.S. Consumer Price Index (CPI) rising to 2.6% year-over-year in October, up from the previous 2.4%, but still within acceptable levels for the Fed, likely not enough to alter its current monetary policy.

Manoj Kumar Jain, Director at Prithvi Finmart, commented: “We expect gold and silver prices to remain weak due to the strong dollar, rising U.S. bond yields, and the crypto rally. In the short term, Comex gold could test $2,550 per troy ounce, with support levels at $2,572 and $2,554, and resistance at $2,600 and $2,622. Silver may fall to $30.00 per troy ounce, with support at $30.34 and $30.00, and resistance at $31.00 and $31.34.”

For domestic levels, Jain noted that MCX gold has support at ₹74,180–₹73,850 and resistance at ₹74,720–₹75,000, while silver has support at ₹88,500–₹87,750 and resistance at ₹90,000–₹90,650. Jain advised caution, recommending that investors hold off on trading gold and silver until there is greater market stability.

Kedia Commodity Gold Silver Price Outlook Today
GOLD – 74482
Resistance: 75090-75695-76070
Support: 74110-73735-73130

SILVER – 89197
Resistance: 90200-91210-91870
Support: 88530-87870-86860

GOLD$ – 2571.03
Resistance: 2602.6-2635.29-2646.49
Support: 2553.31-2536.71-2525.51

SILVER$ – 30.3303
Resistance: 30.9-31.47-31.69
Support: 30.02-29.71-29.49

Big Event of the Week
Thursday, November 14
02:00 AM – U.S. Fed Schmid Speech
07:00 PM – U.S. PPI MoM (October)
07:00 PM – U.S. Initial Jobless Claims (November)
07:00 PM – U.S. Core PPI MoM (October)
07:45 PM – U.S. Fed Barkin Speech
01:30 AM – U.S. Fed Chair Powell Speech

Friday, November 15
05:20 AM – Japan GDP Growth Rate QoQ Prel (Q3)
07:30 AM – China Industrial Production YoY (October)
07:00 PM – U.S. Retail Sales MoM (October)
07:45 PM – U.S. Industrial Production MoM (October)
07:45 PM – U.S. Manufacturing Production MoM (October)

Nirmal Bang Kunal Shah on Gold and Silver Prices