Gold and silver prices on the Multi Commodity Exchange (MCX) continued their upward trend on Monday, November 9, with silver leading the gains. Gold futures for December delivery rose ₹1,582, or 1.11%, to ₹1.44 lakh per 10 grams, while silver futures for December delivery climbed ₹3,147, or 1.70%, to ₹1.88 lakh per kilogram. This recovery follows a volatile period for precious metals, as investors monitor global economic indicators, crude oil movements, and US interest rate expectations.
Internationally, spot gold was up 1.25% at $4,121.30 per ounce, and silver gained 1.83% to $52.89 per ounce. Gaurav Garg, Head of Research at Lemonn, attributed the rally to bargain buying after October’s sharp correction. He noted that gold’s move above $4,100 per ounce was supported by softer crude oil prices, which eased inflation concerns and boosted the appeal of precious metals.
However, the outlook remains uncertain due to US interest rate expectations. Stronger-than-expected October employment data has raised the likelihood of another Federal Reserve rate hike in December, keeping investors cautious. In India, festive season demand has also provided some support to domestic prices.
Investors will be watching developments in the US-Iran situation, crude oil prices, and inflation data for further direction. The rupee’s strength, trading near ₹93.87 against the US dollar, will also influence domestic bullion prices. Garg emphasized that gold and silver prices will continue to reflect international movements, rupee fluctuations, interest rate expectations, and physical demand.