Gold and silver prices surged in international markets on Wednesday, November 11, following higher-than-expected US inflation data released the previous day. Spot gold climbed 0.34% to $4,045.568 per troy ounce, while spot silver rose 1.69% to $52.378 per troy ounce, according to TradingView data.
In India, gold prices increased to ₹1,42,010 per 10 grams, up 0.58%, and silver prices reached ₹1,86,660 per kg, gaining 1.95%, as reported by Bullions.co.in. On the Multi Commodity Exchange (MCX), gold futures traded at ₹1,41,470, up 0.67%, while silver futures rose 1.85% to ₹1,85,945.
The rise in domestic bullion prices comes as the five-day festive period concludes with Bhai Dooj. Gold prices varied across major Indian cities, with 24-karat gold in New Delhi priced at ₹141,460 per 10 grams and 22-karat gold at ₹129,672 per 10 grams. Silver 999 Fine was listed at ₹186,250 per kg in the capital.
Manav Modi, Commodities Analyst at Motilal Oswal Financial Services, noted that gold prices faced renewed pressure due to inflation data and hawkish Federal Reserve commentary, which strengthened the dollar and raised expectations of further monetary tightening. October's headline CPI rose 0.4% month-on-month, exceeding estimates, while core CPI increased 0.3%. Fed Governor Christopher Waller's comments also contributed to the bearish tone, with markets assigning a nearly 10% probability to a 50-bps rate hike in December.