Mumbai, Nov 10 : Gold and silver prices gained on Monday, November 10, following firm global cues as renewed fears of a global economic slowdown and expectations of a Federal Reserve rate cut in December lifted safe-haven demand.
In India, 24-karat gold traded at ₹12,322 per gram, 22-karat at ₹11,295, and 18-karat at ₹9,242. Silver prices stood at ₹152.40 per gram, or ₹1.52 lakh per kilogram. Internationally, spot gold surged 1.4% to $4,053.40 per ounce, while silver climbed 1.8% to $49.18 per ounce. Analysts attributed the uptrend to weak US economic data and rising bets on a policy easing by the Fed.
“Gold is catching a solid bid from traders, with the metal rising on anticipation that a rate cut could still arrive next month, even though the Fed has been downplaying its likelihood,” said Tim Waterer, Chief Market Analyst at KCM Trade.
Safe-Haven Demand Strengthens
A string of weak US indicators including job losses in government and retail sectors, a surge in layoffs, and the ongoing 40-day government shutdown has heightened concerns about growth prospects. This led to a softer dollar and a shift among investors towards gold and silver.
Reflecting the sentiment, holdings in the SPDR Gold Trust, the world’s largest gold-backed ETF, rose to 1,042.06 metric tons, signaling stronger investor appetite for bullion.
Technical Outlook
Rahul Kalantri, Vice President Commodities, Mehta Equities, noted that while volatility persisted last week, both metals ended on a resilient note.
“Gold has support at $3,955–3,920 an ounce and resistance at $4,040–4,065 an ounce. Silver has support at $47.80–47.45 and resistance at $48.55–48.85 an ounce,” he said.
In rupee terms, gold faces resistance near ₹1.22 lakh per 10 grams, while silver could face resistance around ₹1.49 lakh per kg.
Analysts Expect Near-Term Consolidation
Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions and President of the India Bullion and Jewellers Association, said bullion prices are likely to consolidate before the next leg higher.
“Gold and silver are establishing a base after the recent volatility. With US layoffs rising sharply and the government shutdown extending, safe-haven buying is expected to remain strong,” Kothari added.