Gold Crosses $4,530, Silver Tops $75 (Via Social media)
Looks like gold just put on its party hat again! After a few quiet weeks, the yellow metal made a glittering comeback on Monday, November 10, jumping over 1% in early trade. Silver, not to be outshone, sparkled even brighter with a 2% surge on the MCX.
At around 9:40 am, MCX Gold December Futures were trading at ₹1,22,426 per 10 grams, up 1.12%, while MCX Silver December contracts were shining at ₹1,50,579 per kg, up 1.93%.
What’s driving this shimmer? A cocktail of positive global cues, a weaker dollar, and growing chatter about another US Federal Reserve rate cut next month. Investors are back chasing the golden glow as safe-haven demand picks up.
In short, gold’s got its groove back, silver’s dancing along, and traders are watching every tick with wide eyes!
The glitter is back on gold, but this time around, it is not necessarily about bling. The yellow metal had cooled down from record highs in October, and its shine is returning as concerns about the US economy mount and with increasing speculation that the Federal Reserve might reduce rates in December.
The current US government shutdown, which has extended to 40 days, is shaking investors and stirring up fears of a further economic slowdown. Add that to weak employment data and a steep drop in consumer confidence, and suddenly, the old standby of gold and silver is back on every investor’s radar as the fail-safe.
Even increasing layoffs in government and retail jobs (some at least attributable to AI-led cost-cutting) are enhancing recession anxieties, according to Reuters. As consumer sentiment is at its lowest in three and a half years, and traders are betting that the Fed will lower rates by 67 percent, the market is again favouring the comeback story of bullion.
| Metal | Support 1 | Support 2 | Resistance 1 | Resistance 2 | Weekly Range (USD) |
|---|---|---|---|---|---|
| Gold (INR/10g) | ₹1,20,550 | ₹1,20,100 | ₹1,21,660 | ₹1,22,200 | $3,870–$4,140 |
| Silver (INR/kg) | ₹1,46,800 | ₹1,45,500 | ₹1,49,200 | ₹1,50,150 | $45.50–$50.50 |
| Gold (USD/oz) | $3,984 | $3,960 | $4,028 | $4,054 | $3,870–$4,140 |
| Silver (USD/oz) | $47.70 | $47.40 | $48.40 | $48.84 | $45.50–$50.50 |
(With Inputs From Reuters)
Aishwarya is a journalism graduate with over three years of experience thriving in the buzzing corporate media world. She’s got a knack for decoding business news, tracking the twists and turns of the stock market, covering the masala of the entertainment world, and sometimes her stories come with just the right sprinkle of political commentary. She has worked with several organizations, interned at ZEE and gained professional skills at TV9 and News24, And now is learning and writing at NewsX, she’s no stranger to the newsroom hustle. Her storytelling style is fast-paced, creative, and perfectly tailored to connect with both the platform and its audience. Moto: Approaching every story from the reader’s point of view, backing up her insights with solid facts.
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