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Gold rates across India’s major cities showed remarkable uniformity, with only marginal differences due to local taxes, jeweller margins, and logistics costs
The increase in silver to the Rs 2 lakh level has been fueled by tightening stocks, strong industrial demand, and the metal's inclusion on the US key minerals list, says analyst.
Gold is expected to trade in the range of $4,290 (Rs 1,32,000) to $4,400 (Rs 1,36,000) this week. So, buy on dips around support, say analysts.
For silver, Rs 2,00,000 will be a difficult nut to crack. Prices are expected to touch the support of Rs 1,88,000 before rising higher to the resistance, says analyst.
The market is expected to see some profit booking, selling on rallies, say analysts.
Brent crude futures rose 25 cents, or 0.4%, to $61.37 a barrel at 0055 GMT, and U.S. West Texas Intermediate crude was at $57.67 a barrel, up 23 cents, or 0.4%.
Looking ahead, markets face a packed calendar of economic data and central bank decisions, keeping volatility elevated.
India remained the second-largest buyer of Russian fossil fuels in November behind China, according to the Centre for Research on Energy and Clean Air (CREA).
Silver prices will likely continue to rise as overall sentiment remains positive, says silver analyst.
Gold, which hit the performance peak in India on MCX during the festive season at Rs 1,35,024 on October 17, gained 1.77 percent in a week and 1.73 percent in a month.
So far this year, silver prices have zoomed by Rs 1.06 lakh (Rs 1,06,487), or 122.07 per cent, from Rs 87,233 per kilogram on December 31, 2024.
World supplies will exceed demand by 3.815 million barrels a day in 2026, which would still mark a record, but trims last month’s estimate by 231,000 barrels a day.
The metal has been buoyed by supply tightness after a historic short squeeze in October.
This strong uptick is reflective of fresh bets from traders in anticipation of healthier trends from global manufacturing, says analyst
If the forecasts and tone from the Fed chair build expectations for further rate cuts in 2026, that could push bullion further. However, if this meeting turns out like the last two – 'cautious cut' – it could keep bullions steady, says gold analyst.
Silver prices will likely continue to rise as overall sentiment remains positive, says silver analyst.
Traders remain cautious about taking silver out of the US on tariff concerns after it was added to the US Geological Survey’s critical minerals list.
Swap traders are expecting a quarter-point rate cut by the Fed but are now leaning toward two further moves by the end of 2026, down from three signaled barely a week ago.
As markets brace for the US Fed rate decision, the white metal is likely to stay in focus.
The key driver for the day remains the US Fed policy statement and interest rate decision, which will set the next trend.
The industrial metal climbed as much as 1.3% to $11,771 a ton, blazing past a record set in the previous session
Silver may offer higher returns in the near-term, potentially outperforming gold if global demand and rate-cut expectations persist, says Silver analyst.
Interest rate traders now comprise 88.4 percent vote for the probability of rate cut in the upcoming US Federal Reserve meeting come December 9.
On the Multi Commodity Exchange (MCX), gold futures appreciated by Rs 958, or 0.74 per cent, this week, outperforming the global prices.
The anticipation that the incoming Fed Chair is going to be more dovish than past ones is also helping gold and silver, says Augmont report.
