Dollar Weakens on Jobs Miss and Shutdown (10.02.2025)
Gold hovered close to record highs above $3,870 as safe-haven demand persisted, and silver traded near $47.20 amid expectations of another global supply deficit.
Gold Steadies Close to Record Highs
Gold held near $3,870 per ounce on Thursday, staying close to its record high as investors turned to safety and anticipated further Federal Reserve rate cuts. ADP data showed a decline in US private-sector jobs in September, marking a second consecutive drop and the steepest since March 2023, reinforcing expectations for additional easing by the Fed this year.
From a technical perspective, support is around 3792, and resistance is at 3880.
| R1: 3880 | S1: 3792 |
|---|---|
| R2: 3910 | S2: 3770 |
| R3: 4000 | S3: 3700 |
Silver Holds Near $47.20 as Supply Deficit Looms
Silver steadied near $47.20 per ounce in Thursday’s Asian session, staying close to the record high hit a day earlier after the US government shut down following the Senate’s rejection of a short-term funding bill. Supporting the bullish outlook, the Silver Institute projected a global market deficit for a fifth straight year in 2025, with expected output of 844 million ounces trailing demand by roughly 100 million ounces.
From a technical perspective, resistance is observed at 47.75, while support is located at 45.95.
| R1: 47.75 | S1: 45.95 |
|---|---|
| R2: 48.70 | S2: 45.20 |
| R3: 50.00 | S3: 44.50 |
Brent Crude Oil
Brent crude futures inched up to around $65 per barrel, yet remained close to a four-month low as markets weighed potential increases in OPEC+ production. Speculation that the group could exceed planned output grew ahead of this weekend’s meeting, although OPEC+ denied such intentions.
Oversupply worries were further pushed by a 1.8 million-barrel rise in US crude stocks, higher gasoline and distillate inventories, and gasoline demand slipping to a six-month low.
Brent faces resistance at $66.45, with key support at $64.90.
