Gold price today: At 9:40 am, MCX Gold December futures were trading at ₹1,22,426 per 10 grams, up 1.12%. At ₹1,50,579 per kg, MCX Silver December contracts were up 1.93%.
The current price of gold: On Monday, November 10, early trading on the MCX saw a 1% increase in gold rates and a 2% increase in silver rates due to encouraging signals from around the world and growing anticipation of another rate drop by the US Federal Reserve next month. At 9:40 am, MCX Gold December futures were up 1.12 percent at ₹1,22,426 per 10 grams. At ₹1,50,579 per kg, MCX Silver December contracts were up 1.93%.What is causing the price of silver and gold to rise?
After reaching all-time highs in October, gold prices suffered notable declines. However, growing worries about the state of the US economy and growing prospects of another US Fed rate drop in December are what are driving the new impetus in the yellow metal.
As the federal government shutdown continued into its 40th day on Sunday, the most recent data reveals considerable weakening in the US labor market and consumer morale. It is the longest government shutdown in US history.
"As the US government shutdown has reached a record length, worries about the country's overall economic prospects have grown, leading to a resurgence of demand for safe havens. Additionally, the dollar index weakened, giving bullion prices more support, according to Rahul Kalantri, vice president of commodities at Mehta Equities.
After reaching all-time highs in October, gold prices suffered notable declines. However, growing worries about the state of the US economy and growing prospects of another US Fed rate drop in December are what are driving the new impetus in the yellow metal.
As the federal government shutdown continued into its 40th day on Sunday, the most recent data reveals considerable weakening in the US labor market and consumer morale. It is the longest government shutdown in US history.
"As the US government shutdown has reached a record length, worries about the country's overall economic prospects have grown, leading to a resurgence of demand for safe havens. Additionally, the dollar index weakened, giving bullion prices more support, according to Rahul Kalantri, vice president of commodities at Mehta Equities.
Losses in the government and retail sectors contributed to job losses in October, while businesses' use of artificial intelligence (AI) and cost-cutting measures caused a spike in announced layoffs, according to data cited by Reuters. Additionally, as worries about the economic effects of the US government shutdown grew, US consumer sentiment declined to its lowest point in about three and a half years in early November.
The US Fed may lower interest rates at its policy meeting in December, according to job market statistics. The CME FedWatch Tool indicates that traders believe there is a 67% possibility that the Fed will lower interest rates in December.
The US Fed may lower interest rates at its policy meeting in December, according to job market statistics. The CME FedWatch Tool indicates that traders believe there is a 67% possibility that the Fed will lower interest rates in December.
"As worries about the US economy grew, gold increased by more than 1%. As the US government shutdown continued to be the longest in history on Friday, the University of Michigan's consumer mood index dropped to its lowest point in almost three and a half years. Additionally, a decline in the value of the dollar helped the yellow metal, as noted by Jigar Trivedi, Senior Research Analyst at Reliance Securities.
According to Trivedi, MCX Gold December might reach ₹1,22,700 per 10 grams, with support at ₹1,22,000.
What should investors do with gold and silver?
The price of gold and silver could continue to fluctuate in the foreseeable future. Purchasing them on declines is advised by experts.
According to Trivedi, MCX Gold December might reach ₹1,22,700 per 10 grams, with support at ₹1,22,000.
What should investors do with gold and silver?
The price of gold and silver could continue to fluctuate in the foreseeable future. Purchasing them on declines is advised by experts.
According to Manoj Kumar Jain of Prithvifinmart Commodity Research, "we expect gold and silver prices to remain volatile this week amid volatility in the dollar index, volatility in the global financial markets, ahead of the US inflation data and uncertainty on the ending US shutdown."
"We suggest buying gold and silver on dips until it is holding its support levels of ₹1,17,700 and ₹1,44,000, respectively, on a daily closing basis," Jain stated.
Silver is predicted to trade between $45.50 and $50.50 per troy ounce this week, while gold is forecast to trade between $3,870 and $4,140 per troy ounce, according to Jain.
"We suggest buying gold and silver on dips until it is holding its support levels of ₹1,17,700 and ₹1,44,000, respectively, on a daily closing basis," Jain stated.
Silver is predicted to trade between $45.50 and $50.50 per troy ounce this week, while gold is forecast to trade between $3,870 and $4,140 per troy ounce, according to Jain.
According to Jain, silver has support at $47.70 and $47.40 and resistance at $48.40 and $48.84 per troy ounce in today's session, while gold has support at $3,984 and $3,960 and resistance at $4,028 and $4,054 per troy ounce.
According to Jain, silver has support at ₹1,46,800 and ₹1,45,500 and resistance at ₹1,49,200 and ₹1,50,150, while MCX Gold has support at ₹1,20,550 and ₹1,20,100 and resistance at ₹1,21,660 and ₹1,22,200.
Gold has resistance at $4,040 and $4,065 and support at $3,955 and $3,920, according to Kalantri. Silver's resistance is at $48.55 and $48.85, while its support is at $47.80 and $47.45.
According to Jain, silver has support at ₹1,46,800 and ₹1,45,500 and resistance at ₹1,49,200 and ₹1,50,150, while MCX Gold has support at ₹1,20,550 and ₹1,20,100 and resistance at ₹1,21,660 and ₹1,22,200.
Gold has resistance at $4,040 and $4,065 and support at $3,955 and $3,920, according to Kalantri. Silver's resistance is at $48.55 and $48.85, while its support is at $47.80 and $47.45.
Gold has resistance at ₹1,21,790 and ₹1,22,400 and support at ₹1,20,450 and ₹1,19,880 in INR. According to Kalantri, silver has resistance at ₹1,48,840 and ₹1,49,780 and support at ₹1,46,850 and ₹1,45,900.
Disclaimer: This narrative is just intended for educational reasons. The opinions and suggestions are not those of MorningNews, but rather those of certain analysts or broking companies. Before making any investment decisions, we suggest clients to speak with qualified specialists because situations can change and market conditions can change quickly.
Disclaimer: This narrative is just intended for educational reasons. The opinions and suggestions are not those of MorningNews, but rather those of certain analysts or broking companies. Before making any investment decisions, we suggest clients to speak with qualified specialists because situations can change and market conditions can change quickly.
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