Fundamental News and Triggers
Silver chases new record $66 on mixed US jobs report
- Silver reached new all-time highs of $66 (~Rs 205,000) after a mixed US jobs data pushed investors to seek other assets delivering higher yields to mitigate risk.
- While the US economy added 64,000 jobs in November, exceeding expectations, the unemployment rate was 4.6% last month, despite the 43-day government shutdown affecting the figures. This has reinforced expectations for up to two interest-rate cuts in 2026, with approximately 59 basis points of easing priced in for the following year.
- The US dollar Index has reached a two-month low, making greenback-priced bullion more affordable for international purchasers. Benchmark 10-year U.S. Treasury yields decreased following an unexpected uptick in the jobless rate last month.
- Investors are now expecting speeches from key Fed officials on Wednesday, as well as the highly anticipated November consumer inflation report on Thursday, for additional guidance.
Technical Triggers
- Gold is expected to trade in the range of $4300 (~Rs 133,000) to $4380(~Rs 135,000) this week. Buy on dips around support to book profits around resistance.
- Silver has finally crossed $65 (~Rs 201,000) mark. The next resistance level to watch for is $67 (~Rs 208,000). Until prices are trading above $62 (~Rs 194,000), the uptrend is expected to continue.
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