Gold and Silver Prices Surge on Positive Global Cues and Fed Rate Cut Hopes
New Delhi, Nov 10:
Gold and silver prices climbed on Monday, supported by positive global cues and growing expectations that the US Federal Reserve may lower interest rates next month.
At around 10 a.m., on the Multi Commodity Exchange (MCX), the December 5, 2025 gold contract rose 1.16% to ₹1,22,468 per 10 grams, while the silver contract jumped 1.99% to ₹1,50,666 per kg.
Gold had recently corrected after touching record highs in October. However, renewed optimism surrounding a potential rate cut and concerns over the health of the US economy have driven a fresh rally in the bullion market.
According to Rahul Kalantri, Vice President of Commodities at Mehta Equities, prices were highly volatile throughout the week, but recovered from lower levels due to weak US consumer sentiment and ongoing uncertainty over the government shutdown.
The prolonged US government shutdown has raised concerns about the country’s economic stability, triggering a renewed safe-haven demand for precious metals.
On the international market, gold was up 1.32% at $4,062 per ounce, while silver gained 2.32% to $49.26 per ounce on Comex.
Market analysts noted that the US dollar index weakened, lending further support to gold and silver prices.
- Gold support levels: $3,955–3,920 | Resistance: $4,040–4,065
- Silver support levels: $47.80–47.45 | Resistance: $48.55–48.85
- Gold (INR): Support ₹1,20,450–₹1,19,880 | Resistance ₹1,21,790–₹1,22,400
- Silver (INR): Support ₹1,46,850–₹1,45,900 | Resistance ₹1,48,840–₹1,49,780
Additionally, WTI crude oil regained momentum on Monday, crossing $60 per barrel as traders awaited new insights from OPEC and the IEA. However, analysts warned that the overall outlook remains mixed due to potential supply surpluses and production adjustments by OPEC and US producers.
