Gold and silver edged higher on the Multi Commodity Exchange (MCX) on November 11. Gold futures maturing on December 5, 2022, rose Rs 23, or 0.04 percent, to Rs 52,150 per 10 grams on the MCX.
Spot gold added 2.8 percent to $1,754.23 an ounce, a 11-week high, while US gold futures gained 2.5 percent, headed for its best week in eight months. On a month-on month basis, gold was up almost 5 percent.
Silver futures maturing on December 5, 2022, recorded a jump of Rs 19, or 0.03 percent, to Rs 62,044 per kg on the MCX. The weekly trend indicates a gain of more than 4 percent for silver while it gained more than 13 percent monthly.
Platinum gained 5.6 percent to the highest level since March, while palladium rallied 5.7 percent.
The dollar fluttered near a two-month low in the currency market after falling sharply as US inflation eased more than expected. The US CPI inflation grew 7.7 percent in October, its slowest pace in nine months.
The dollar index and dollar index futures were little changed after plummeting 2.2 percent in the prior session to their lowest point since mid-September. Ten-year US Treasury yields fell below 4 percent to an over one-month low.
Data from exchange operator CME showed that an increasing number of US Federal Reserve members are expressing support for smaller rate hikes in the coming months. Market expectations for a 50 basis point (bps) hike by the Fed in December surged to an over 80 percent probability from the previous day’s reading of 56.8 percent.
In the crypto universe, Bitcoin rose over 10 percent to as much as $17,641, recovering after a sharp plunge over two straight sessions to as low as $15,632 on November 9, its lowest level since late 2020. The cryptocurrency plunged as Binance scrapped a plan to acquire smaller rival FTX, which is grappling with a severe liquidity crunch and warned it faces bankruptcy without more capital.
Ethereum or Ether, the second-largest virtual currency, jumped 6.2 percent to $1,249.1, with a market capitalisation of $150.8 billion. Dogecoin climbed 4.6 percent with a market value of $11.3 billion.
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