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by IANS |
New Delhi, Nov 10 (IANS) Gold and silver prices went up on Monday, driven by positive global cues and the possibility of the US Fed lowering interest rates next month.
At around 10 a.m. on the Multi Commodity Exchange (MCX), the price of the December 5, 2025 contract for gold rose 1.16 per cent to Rs 1,22,468 per 10 grams, and the price of the December 5, 2025 contract for silver rose 1.99 per cent to Rs 1,50,666 per kg.
Gold prices fell after reaching a record high in October. However, the fresh momentum in the yellow metal is being driven by growing concerns about the health of the US economy and the possibility of an interest rate cut next month.
According to Rahul Kalantri, Vice President of Commodities at Mehta Equities, prices were highly volatile throughout the week but managed to recover from lower levels after weak US consumer sentiment figures and uncertainty over when the US government shutdown will end.
The shutdown has entered a record duration, increasing concerns about the broader U.S. economic outlook, prompting renewed safe-haven demand, he mentioned.
Gold and silver also saw gains in the international markets. Gold was up 1.32 per cent at $4,062 per ounce on Comex, and silver up 2.32 percent at $49.26 per ounce.
Market watchers further stated that the dollar index softened as well, lending additional support to bullion prices. Gold has support at $3,955-3,920 while resistance at $4,040-4,065. Silver has support at $47.80-47.45 while resistance is at $48.55-48.85.
In Indian rupee, gold has support at Rs 1,20,450-1,19,880 while resistance at Rs 1,21,790-1,22,400. Silver has support at Rs 1,46,850-1,45,900 while resistance at Rs 1,48,840, 1,49,780.
Additionally, WTI crude regained momentum on Monday, rising past $60 per barrel as traders awaited fresh insight from OPEC and the IEA.
However, the broader picture remains mixed: OPEC+ (a coalition of 22 oil-exporting countries) is easing production limits, US producers are ramping up output and expectations of a looming supply surplus continue to weigh on confidence.
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