Gold and silver prices rally on the MCX on Monday, Nov. 9, extending their recovery amid supportive global cues. Gold futures with December expiry touched Rs 1,44,400 per 10 grams earlier in the session, rising Rs 1,848 or 1.3% from the previous close of Rs 1,42,552. Silver futures climbed to Rs 1,89,399 per kg, gaining Rs 4,299 or 2.3% from the previous close of Rs 1,85,100.
At 11:34 a.m., gold is trading at Rs 1,44,127 per 10 grams, up Rs 1,575 or 1.1%, while silver is trading at Rs 1,88,178 per kg, higher by Rs 3,078 or 1.67%.
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Why Are Gold And Silver Prices Rising?
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The yellow metal is recovering as lower crude oil prices eased concerns about inflation and further rate hikes, and a weaker US dollar is supporting international bullion prices. A softer dollar makes gold more affordable for buyers using other currencies, supporting demand.
However, stronger-than-expected US employment data for October has increased expectations of a Federal Reserve rate hike in December, in contrast. Higher interest rates can weigh on gold because the metal does not pay interest.
Investors are also looking ahead to US inflation data, due on Tuesday, for further clues on the Federal Reserve's next interest rate decision.
Technical Outlook
According to Ponmudi R, CEO of Enrich Money, MCX gold has immediate support in the Rs 1,43,000 to Rs 1,43,700 range, while a fall below Rs 1,43,000 could take prices towards Rs 1,41,000. On the upside, Rs 1,45,300 to Rs 1,46,000 is the immediate resistance zone. A sustained move above Rs 1,46,000 could open the way towards Rs 1,48,000 to Rs 1,48,600.
For silver, the Rs 1,86,000 to Rs 1,88,000 range is the immediate support zone. A break below Rs 1,86,000 could pull prices towards Rs 1,80,000. On the upside, Rs 1,94,000 to Rs 1,96,000 is the next resistance range, followed by Rs 2,00,000 to Rs 2,02,000.
Silver is recovering faster than gold, supported by a stronger rebound in international prices and buying after recent declines. Industrial demand is also providing some support to the white metal.
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