On Monday, November 10, MCX gold and silver prices surged in morning trade, supported by positive global cues and growing expectations of another U.S. Federal Reserve rate cut next month. MCX December gold futures rose 1.12% to ₹1,22,426 per 10 grams around 9:40 am, while December silver contracts jumped 1.93% to ₹1,50,579 per kg.
The rally in precious metals is driven by concerns over the U.S. economy and the prolonged government shutdown, which has heightened safe-haven demand. Weak consumer sentiment, job losses in government and retail sectors, and corporate layoffs due to cost-cutting and AI adoption have fueled expectations of a Fed rate cut. A softer dollar has further boosted bullion prices.
Analysts suggest gold may test ₹1,22,700 per 10 grams, with support at ₹1,22,000, while silver remains volatile. Experts recommend buying on dips, as both metals are likely to trade in ranges of $3,870–$4,140 per ounce for gold and $45.50–$50.50 per ounce for silver. In INR, gold support and resistance levels are ₹1,20,450–₹1,22,400, and silver’s are ₹1,45,500–₹1,50,150, providing short-term trading guidance.
