Gold, silver rates today: Gold and silver prices continue their decline for the second straight session on Tuesday, February 17. Spot gold prices slipped below the $5,000 mark, falling 0.43% to $4,992 per ounce. Meanwhile, spot silver fell nearly 3% to $74.24 per ounce during the Asian trading hours on Tuesday.
What’s driving gold and silver prices today?
The latest round of US economic data has presented a mixed outlook on potential interest rate cuts by the Federal Reserve. Consumer prices in the United States rose less than anticipated in January, falling below forecasts, while job growth unexpectedly picked up during the same period.
Market participants expect the US central bank to keep rates unchanged at its upcoming March 18 meeting. However, traders are currently factoring in a rate cut by July, with a strong possibility of a move as early as June.
Investors are now focusing on the latest Fed meeting minutes, fourth-quarter GDP figures, and the Fed-preferred core PCE price index data for clearer signals on the policy trajectory.
On the geopolitical front, an Iranian diplomat reportedly said on Sunday that Iran is seeking a nuclear agreement with the US that would provide economic benefits to both sides.
US markets were closed for Presidents’ Day, while markets in China and several other Asian countries remained shut for the Lunar New Year holiday.
Should you buy gold and silver amid volatility?
According to Anuj Badjate, Managing Director of Badjate Stock & Shares Pvt Ltd, both metals are trading within defined ranges, indicating consolidation rather than a trend reversal.
“Going ahead, the next directional move will depend on global liquidity conditions, US dollar movement, bond yields, and geopolitical cues. A breakout above resistance could trigger fresh momentum buying, while a breach of support may invite corrective pressure,” Badjate said.
Meanwhile, on the gold prices outlook, Ponmudi R, CEO of Enrich Money, said that the broader uptrend remains intact, with the recent pullback reflecting profit booking and healthy price digestion.
“COMEX Gold is trading near the $4,850–$5,100 zone after a sharp correction from recent highs above $5,500–$5,600.Prices are currently consolidating in the short term near current levels continuing to trade above key moving averages, suggesting the correction is maturing. A breakout above $5,200–$5,300 would open the path toward a retest of record highs,” Ponmudi added.
On the silver prices outlook, Ponmudi further opined that the broader bullish structure remains intact on higher timeframes, the steep pullback has pushed prices below key moving averages, indicating short-term bearish pressure and an extended corrective phase.
“COMEX Silver is trading near the $73–$84 zone after a sharp correction from record highs above $121. A sustained hold above this base, followed by a recovery and close above $85–$92, could revive upside momentum toward $95–$105 and potentially retest previous highs. The medium- to long-term outlook remains constructive, supported by steady industrial demand and structural supply constraints, despite elevated volatility,” he said.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
