Gold Silver Rate Today: Gold and silver prices rise in domestic market amid firm global cues

The opening price for 999 purity gold was Rs 53,972 per 10 grams, up Rs 316 from Friday’s closing price of Rs 53,656, while that of 999 purity silver was Rs 65,891 per kg, up Rs 1,457 from Rs 64,434, the data available on India Bullion and Jewellers Association’s (IBJA) website showed.

On the Multi Commodity Exchange of India (MCX), the gold contract for February delivery was trading at Rs 54,101.00 per 10 grams, down Rs 251.00 (0.47 per cent) at 3:08 pm while the silver contract for March delivery was at Rs 66,837.00, up Rs 388.00 (0.58 per cent).

In the international market, spot gold was little changed at $1,799.26 per ounce by 0717 GMT, after touching its highest level since July 5 at $1,809.91. US gold futures ticked 0.1 per cent higher to $1,812.10.

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Commenting on gold, Colin Shah, Founder & MD at Kama Jewelry in a price outlook on Friday said, “Gold has picked up in price action massively, rising by nearly $60/oz in the last two weeks alone to trade around $1,800 levels. The rise in prices is largely due to the dovish commentary by the Fed on its monetary policy. Looking ahead to the month of December, the metal looks set to extend recent gains, due to a combination of softer inflation prints, weaker economic data points, and a 90 per cent chance of the Fed hiking interest rates by 50 bps on December 14th.”

“The $1,850 range seems to be the technical level the metal can be expected to reach by the month-end, with further rate hikes looming next year posing headwinds, making investors more cautious. We expect the metal to retreat by a small margin in the middle of December around the Fed rate hike announcement,” he noted.