Gold and silver futures traded higher on the Multi Commodity Exchange of India (MCX) on Wednesday, November 11, while silver also surged.
MCX Gold futures for December delivery rose Rs 1,307, or 0.93%, to Rs 1,41,832 per 10 grams. It rose to an intraday high of Rs 1,41,958 level, rising by as much as Rs 1,433 from its previous close of Rs 1,40,525.
MCX Silver futures for December delivery gained Rs 5,065, or 2.77%, to Rs 1,87,641 per kg. The white metal surged by as much as Rs 5,224, or 3.86%, to a high of Rs 1,87,800 level during the session.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
Why Are Gold And Silver Prices Rising?
The gains came despite pressure on precious metals from stronger-than-expected US inflation data, which revived expectations of further interest rate increases by the US Federal Reserve.
International bullion prices recovered on Wednesday after suffering sharp losses in the previous session. Spot gold rose 0.3% to $4,044.56 per ounce, recovering from a nearly 3% decline on Tuesday. US gold futures for December delivery gained 0.6% to $4,052.50 per ounce, while spot silver climbed 2% to $52.52 per ounce.
Also Read: From Gold Coins To Diet Coke: What Diwali Shopping Carts Reveal About India's Consumption
Technical Outlook
According to Ponmudi R, CEO of Enrich Money, MCX gold has immediate support at Rs 1,40,000 to Rs 1,41,000. If the price goes down below Rs 1,40,000, then it could go towards Rs 1,38,300. On the upside, resistance is placed at Rs 1,43,000 to Rs 1,43,700, followed by the Rs 1,45,300 to Rs 1,46,000 level.
"Bias stays cautious, with a reclaim and sustain above Rs 1,43,000 needed to stabilize; a decisive break below Rs 1,40,000 risks a slide toward Rs 1,38,300," said Ponmudi.
MCX Silver has immediate support at Rs 1,78,000 to Rs 1,80,000. A break below Rs 1,80,000 could push prices towards Rs 1,72,000. On the upside, immediate resistance is placed at Rs 1,88,000 to Rs 1,90,000, followed by Rs 1,96,000 to Rs 1,98,000.
Also Read: BSE Share Price Gains Over 2% After ICICI Securities Upgrades Rating To 'Add', Raises Target
Disclaimer: The views and opinions expressed by the investment advisers on NDTV Profit are of their own and not of NDTV Profit. NDTV Profit advises users to consult with their own financial or investment adviser before taking any investment decision.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
