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Gold Eyes Record Highs Amidst Key US Data and Fed Speech
30 Nov
Summary
- Gold prices expected to firm near record highs next week.
- Silver outperformed gold, hitting record highs due to dovish Fed signals.
- Investors await US data, Fed Chair Powell's speech, and RBI policy.
Gold prices are poised for a firm outlook, potentially nearing record highs in the upcoming week. Investors are keenly awaiting crucial US economic indicators, including manufacturing and services PMI data, alongside jobs reports and consumer sentiment figures. Federal Reserve Chair Jerome Powell's scheduled speech is also a significant event that will influence market sentiment.
In parallel, silver has demonstrated remarkable performance, outshining gold with spectacular gains. The white metal reached record highs, driven by dovish commentary from Federal Reserve officials and increasing expectations of a rate cut. This sentiment is further bolstered by a weaker US dollar and ongoing geopolitical uncertainties, which typically drive safe-haven demand for precious metals.
Domestically, the Indian market sees gold prices supported by a weaker rupee and sustained demand from festivals and jewelry purchases. Global central banks' continued accumulation of gold also contributes to a constructive long-term outlook, suggesting a continued upward trend for the precious metal.
