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Gold, Silver Hit Pivotal Prices, Anticipating Market Shifts

UM Editor

November 28, 2023 at 12:59 pm

November 28, 2023

Gold Prices: Touching New Heights

In a remarkable turn of events, gold futures and spot prices have surged past the significant $2,000/oz mark on Monday, November 27.

This remarkable uptick can be attributed to a surge in safe-haven demand, fueled by anticipation surrounding key economic data set for release this week.

Moreover, the recent expectations of a Federal Reserve pause in interest rate hikes have exerted downward pressure on the U.S. dollar, providing substantial tailwinds for gold.

Support at $2,000: A Critical Juncture

The $2,000 level serves as a crucial support for gold prices in the near term. Closing above this benchmark could open the door for additional gains.

However, it’s essential to note that further upside driven solely by haven-seeking flows may face limitations without corroborating cues from upcoming figures on gross domestic product (GDP) and inflation.

All eyes are on Thursday, November 30, when the Fed’s preferred core personal consumption expenditures (PCE) price index and a revised print on third-quarter GDP growth are due.

These pivotal numbers are expected to influence gold’s trajectory as investors seek refuge from market uncertainties.

(Gold Price One-year Chart)

Silver Prices: Scaling New Heights Alongside Gold

In tandem with gold’s surge, silver has also experienced a notable uptrend, surpassing $24.6/oz and securing an impressive 10% gain in November.

The rally in silver prices can be attributed to concerns about the availability of industrial silver, coupled with robust demand. The Silver Institute projects a 2% decrease in global mined silver production in 2023, mainly due to reduced output from major producers like Mexico and Peru.

Simultaneously, the increasing investments in solar panels, power grids, and 5G networks have fueled expectations of an 8%-10% surge in silver demand.

Charting the Course: Analyzing Silver’s Trajectory

The surge in silver prices is substantiated by the one-year chart, illustrating a significant upward trajectory. Market participants are closely monitoring these developments, as silver continues to play a crucial role in various industries.

(Silver Price One-year Chart)

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Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided. 

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