Gold and silver prices rallied on the Multi Commodity Exchange (MCX) on Monday, November 9, extending their recovery amid supportive global cues. Gold futures for December delivery climbed 1.3% to ₹1,44,400 per 10 grams, while silver futures surged 2.3% to ₹1,89,399 per kg.
The rally comes as investors assess global economic developments and changing expectations around US Federal Reserve interest rate cuts. Strong US jobs data has stirred fresh debate over the Fed's monetary policy outlook, keeping investors cautious ahead of Tuesday's US inflation data.
Gold crossed the ₹1.44 lakh mark, while silver registered a stronger recovery, gaining ₹4,300 during the session. The movement highlights renewed buying interest in precious metals after recent fluctuations.
Gold and silver extend recovery on MCX
According to market data, MCX gold touched an intraday high of ₹1,44,400 per 10 grams, while silver climbed to ₹1,89,399 per kg. However, both metals pared some gains later in the session. Gold was trading around ₹1,44,006, up 1.04%, while silver stood at ₹1,87,660, gaining 1.43% as of the evening update.
Internationally, spot gold gained around 1.5% to $4,126.25 per ounce, supported by a weaker US dollar and easing crude oil prices. Silver also advanced, gaining around 1.4%.
Gold and silver price outlook: Key support and resistance levels
According to Enrich Money, the following are the important levels investors should watch:
| Metal | Support | Resistance |
|---|---|---|
| Gold | ₹1,43,000–1,43,700 | ₹1,45,300–1,46,000 |
| Silver | ₹1,86,000–1,88,000 | ₹1,94,000–1,96,000 |
Gold needs to sustain above its immediate support zone to extend its recovery, while a move towards ₹1,45,300–1,46,000 could indicate further upside.
For silver, the ₹1,86,000–1,88,000 range remains an important support zone. A sustained move above this range could strengthen the outlook, with resistance seen at ₹1,94,000–1,96,000.
US inflation data in focus
Investors are now looking ahead to Tuesday's US consumer inflation report for fresh cues on the Federal Reserve's interest rate trajectory.
Stronger-than-expected US employment data has revived expectations of a possible rate hike in December, creating uncertainty for precious metals. Meanwhile, easing crude oil prices have helped reduce inflation concerns, offering some support to gold and silver.
