MCX gold climbed nearly 1% on Tuesday morning, November 11, reclaiming the ₹1,25,007 per 10 grams level amid strong spot demand and supportive global cues. Around 9:15 am, December gold contracts were trading 0.94% higher at ₹1,25,137 per 10 grams, while December silver contracts rose 1.12% to ₹1,55,407 per kg.
International gold surged to a near three-week high as expectations of another U.S. Federal Reserve rate cut in December strengthened. A stable dollar and steady U.S. bond yields also underpinned prices. Recent weak U.S. job market data and low consumer sentiment have raised speculation of a possible 25-bps rate reduction next month, with CME FedWatch indicating a 64% probability.
Market experts anticipate continued volatility but remain optimistic on medium-term prospects for precious metals, recommending buying on dips. Gold is likely to test ₹1,26,000, while silver could reach ₹1,58,000 in the coming sessions. Analysts note support for gold at ₹1,22,000–₹1,22,740 and resistance at ₹1,25,000–₹1,26,650; silver has support at ₹1,50,800–₹1,52,200 and resistance at ₹1,55,500–₹1,58,000. Internationally, gold may trade between $3,960–$4,220 per ounce, and silver between $47–$52.50 per ounce.
