Gold Silver Rate Today: Gold opens a tad lower in spot, silver rallies

However, on the Multi Commodity Exchange of India (MCX), the gold contract for December delivery was trading at Rs 50,417.00 per 10 grams, up Rs 95.00 (0.19 per cent) at 1:13 pm while the silver contract for December delivery was at Rs 58,761.00, up Rs 1,083.00 (1.88 per cent).

In the global market, spot gold was up 0.5 per cent at $1,641.43 per ounce, as of 0548 GMT. US gold futures rose 0.1 per cent at $1,642.20, Reuters data showed.

Commenting on the gold prices, Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services said, “Gold prices inched higher, after touching their lowest levels in more than one week, as the dollar held firm ahead of the US Federal Reserve’s policy meeting, where the central bank is likely to deliver another oversized interest rate hike. US Federal Reserve is expected to continue to their fight against inflation this week, even as they intensify a debate over when to downshift to smaller interest rate hikes so as to avoid sending the world’s biggest economy into a tailspin. The US Fed is expected to raise rates by 75 bps for a fourth straight time in the November meeting, bringing the target overnight lending rate to a 3.75 per cent-4 per cent range.”

He added, “Euro zone inflation surged more than expected in October, fuelling expectations that the European Central Bank could continue to carry on with big interest rate hikes despite economic growth slowing. All eyes will be on the Fed policy meet and comments from Fed governor regarding further pace and overall outlook of economy. Focus today will also be on the Manufacturing PMI data expected from major economies. Broader trend on COMEX could be in the range of $1,615-1,665 and on domestic front prices could hover in the range of Rs 49,800-50,900 could be expected.”