US Fed Rate, Fed Rate Cut, Donald Trump, US Election, Federal Reserve Meeting Time, US Fed Meeting Time: Gold and silver prices plummeted on Wednesday following Donald Trump’s victory in the U.S. election. Another major event is set for today: the Federal Reserve’s meeting on interest rates. This decision, anticipated around 12,30 AM (India Times) tonight, is crucial for precious metals markets, as analysts expect a potential 0.25% rate cut. Investors are closely watching this outcome, as it could significantly influence the near-term direction of gold and silver prices.
On Wednesday, both gold and silver closed lower in the international markets. Gold’s December futures settled at $2,676.30 per troy ounce, a decline of 2.67%, while silver’s December futures ended at $31.331 per troy ounce, down by 4.41%. Domestic markets mirrored this trend, with gold December futures settling at ₹76,655 per 10 grams, a 2.36% drop, and silver December futures closing at ₹90,820 per kilogram, down by 4.04%.
The recent sharp decline in gold and silver prices followed Donald Trump’s win in the U.S. presidential election, which strengthened the U.S. dollar and bond yields to four-month highs, reducing safe-haven demand for precious metals. U.S. equity markets also surged to record levels, contributing to this downward pressure on gold and silver prices. Bitcoin, meanwhile, spiked by over 7% in a single session, further detracting from interest in precious metals.
The Federal Reserve is widely expected to announce another rate cut when it concludes its meeting on Thursday. Market watchers will also focus on what Fed Chair Jerome Powell signals about future policy, especially regarding potential rate cuts in the coming months. Currently, the Fed’s interest rate is targeted between 4.75%-5.0%, with market expectations leaning towards another quarter-point reduction in December, followed by a pause in January and multiple cuts through 2025.
Manoj Kumar Jain, Director at Prithvi Finmart, noted that gold is nearing its key support level of $2,664 per troy ounce, with a potential drop to $2,620 if prices slip below this level. Similarly, silver may test support at $30.80 per troy ounce. “We expect gold and silver prices to remain volatile this week ahead of the Fed policy announcement, fluctuations in the dollar index, and ongoing geopolitical tensions,” Jain stated. He added that gold has support at $2,664-$2,620 and resistance at $2,700-$2,722, while silver’s support is at $31.80-$31.34 with resistance at $31.66-$32.20 in today’s session.
In the MCX, gold has support at ₹76,150-₹75,500 and resistance at ₹77,000-₹77,440, while silver has support at ₹90,000-₹88,650 and resistance at ₹91,850-₹93,000. Jain advised caution and suggested staying out of precious metals trading today until the Fed’s policy announcement is released.
Key Events Impacting Gold and Silver Prices This Week
Thursday, November 7:
7:00 PM IST – U.S. Initial Jobless Claims (week of November 2)
7:00 PM IST – U.S. Q3 Nonfarm Productivity (Preliminary)
12.30 AM Conclusion of U.S. Federal Reserve Meeting
Friday, November 8:
Fed Rate Impact on Indian Market
8:30 PM IST – Preliminary Michigan Consumer Sentiment Index for November
9:30 PM IST – Speech by U.S. Fed Governor Bowman
United Kingdom:
Thursday, November 7 – Bank of England Interest Rate Decision
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