Gold and silver opened the week with a strong rally on Monday, November 9, a day after Diwali, as softer crude oil prices and steady central bank buying lifted precious metals in India and abroad. On the Multi Commodity Exchange, gold futures climbed past Rs 1.44 lakh per 10 grams, while silver moved close to Rs 1.89 lakh per kg.
The December gold contract rose by Rs 1,801, or 1.26 per cent, to Rs 1,44,353 per 10 grams in futures trade, as speculators built fresh positions on firm spot demand. Silver did even better. The December silver contract gained Rs 3,803, or 2.05 per cent, to Rs 1,88,903 per kg, after touching an intraday high of Rs 1,89,399.
In the international market, spot gold rose 1.6 per cent to 4,129.69 dollars an ounce, while US gold futures for December delivery gained 1.6 per cent to 4,139 dollars. Silver advanced more than 2 per cent to trade around 53.07 dollars an ounce.
What is driving the rally
Cheaper crude oil is doing much of the heavy lifting. Oil prices eased after US President Donald Trump indicated that further attacks on Iran were unlikely as diplomatic efforts continued. For India, one of the world’s largest crude importers, lower oil prices ease pressure on inflation and on the external balance, and that has improved sentiment across markets.
Central banks are adding to the momentum. China’s central bank has now extended its gold buying streak to 24 consecutive months, taking its holdings to 78.3 million ounces. Steady official buying has given gold a firm floor through a volatile year.
A stronger rupee is also shaping domestic prices. The Indian currency has firmed against the dollar in recent sessions, and that has helped lower the cost of imported gold, limiting some of the upside for local buyers even as global prices climb.
City prices: what buyers are paying today
Retail rates followed the futures market higher on Monday. In Delhi, 24-carat gold stood at Rs 1,44,750 per 10 grams, while silver was quoted at Rs 2,05,000 per kg. Mumbai, Kolkata and Chennai reported the same silver rate of Rs 2,05,000 per kg.
In Chennai, gold rose by Rs 760 per sovereign to Rs 1,06,040, or Rs 13,255 per gram, while silver held steady at Rs 205 per gram. These are indicative bullion rates. Jewellery will cost more once making charges and 3 per cent GST are added.
- Delhi: 24-carat gold Rs 1,44,750 per 10 grams; silver Rs 2,05,000 per kg
- Mumbai: 24-carat gold Rs 1,44,600 per 10 grams; silver Rs 2,05,000 per kg
- Chennai: gold up Rs 760 per sovereign to Rs 1,06,040; silver steady at Rs 205 per gram
- MCX futures: gold Rs 1,44,353 per 10 grams; silver Rs 1,88,903 per kg
What analysts are watching next
Amit Gupta, senior research head at Kedia Advisory, said international gold could test 4,160 to 4,220 dollars if it holds above 4,080 dollars. On the MCX, he sees gold moving towards Rs 1,44,500 to Rs 1,46,000. For silver, a sustained move above 50 dollars could open the way towards 55 to 58 dollars internationally, while MCX silver could target Rs 1,90,000 to Rs 1,94,000 per kg.
Not everything points one way. Stronger US employment data has complicated the outlook, with October unemployment falling to 4.1 per cent and market expectations of a December rate hike by the US Federal Reserve standing at around 79 per cent. A tighter Fed could cap gains in precious metals.
Traders will now watch upcoming US inflation data and Federal Reserve signals, along with geopolitical developments, Russia-Ukraine peace talks and crude oil movements. India’s own October inflation data, due on Thursday, will also be watched closely for cues on the Reserve Bank of India’s policy path.
For now, though, the post-Diwali mood in bullion markets is upbeat. Buyers who picked up gold and silver coins on Dhanteras last week are sitting on gains, and jewellers say footfall has stayed steady into the new week.
FAQs
What is the gold price today?
On Monday, November 9, MCX gold futures traded at Rs 1,44,353 per 10 grams, while 24-carat gold in Delhi stood at Rs 1,44,750 per 10 grams.
What is the silver price today?
MCX silver futures traded at Rs 1,88,903 per kg on Monday, while retail silver in Delhi and Mumbai was quoted at Rs 2,05,000 per kg.
Why are gold and silver prices rising?
Softer crude oil prices, easing inflation concerns, steady central bank buying and a firm rupee are supporting precious metals after Diwali.
Will gold prices rise further?
Analysts see MCX gold moving towards Rs 1,44,500 to Rs 1,46,000 if international prices hold above 4,080 dollars an ounce, but US jobs data and Federal Reserve signals could limit gains.
Is this a good time to buy gold?
Prices move through the day and depend on global cues, the rupee and local making charges. Buyers should check live rates with a local jeweller before deciding, as this article is a market report, not investment advice.
Gold and silver prices change through the day. Rates quoted here are indicative and may vary across jewellers.
