International News
WGC Report: Central banks continue their great gold grab in November 2024
Based on available reported data, central banks bought a net $3B in November. The National Bank of Poland (NBP) was the biggest buyer with a total of 29 tonnes reported, its first addition ($3B) since April. The Monetary Authority of Singapore was the biggest seller, while the central bank of Finland also announced a reduction in its gold reserves.
Assessing the final act of 2024, central banks around the world continued to play a leading role in the gold market, with the data reported, central banks collectively added a net $3B of gold to their official reserves based on available reported data. This extends the broader trend observed throughout the year where central banks – in particular those from non-Western markets – have remained keen buyers of gold, driven by the need for a stable and secure asset amid global economic uncertainties. The gold price dip in November, following the US election, provided a solid entry point for buyers with added impetus to accumulate.
- Gold and silver rebounded due to safe-haven demand, while investors awaited the minutes of the Federal Reserve’s most recent policy meeting and the U.S. jobs report, which could provide additional insight into the central bank’s interest rate trajectory.
- Investors are currently waiting for the September non-farm payrolls report, which will be issued on Thursday after being postponed because of the recent U.S. government shutdown, and the minutes from the Fed’s most recent meeting, which are scheduled to be released later in the day.
- Expectations for additional rate reduction from the Federal Reserve were also bolstered by signs of a worsening US job market. Fed Governor Christopher Waller said that companies are talking more about layoffs as they get ready for softer demand and possible productivity improvements from artificial intelligence.
- The likelihood of a 25 bps cut in December is now just about 47% priced into the markets, compared to over 90% a month ago.
Technical Triggers
- Gold has broken an important support of $4050; the next target support is $3950 (~Rs 120,000).
- Silver has broken the important support of $50, the next target support level is around $48.5(~Rs 150,000) and $47(~Rs 145,000).
Support and Resistance
| Category | Support Level | Resistance Level |
|---|---|---|
| International Gold | $3950/oz | $4050/oz |
| Indian Gold | ₹120,000/10 gm | ₹122,000/10 gm |
| International Silver | $52/oz | $50.5/oz |
| Indian Silver | ₹150,000/kg | ₹153,500/kg |
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