Precious metals investors in India witnessed positive momentum this week as both gold and silver prices registered notable gains on the Multi Commodity Exchange (MCX). The surge in bullion prices comes amid shifting global economic indicators and renewed investor interest in safe-haven assets.
Current Market Performance
Gold futures on MCX showed strong upward movement, with December contracts trading higher by 0.42 percent at ₹65,580 per 10 grams. The precious metal demonstrated consistent buying interest throughout the trading session, reflecting positive sentiment among domestic investors.
Silver prices outperformed gold with even more impressive gains. December silver futures climbed 0.82 percent to reach ₹78,355 per kilogram, indicating robust demand for the industrial precious metal. The stronger percentage gain in silver suggests increased industrial demand alongside investment interest.
International Market Influence
Global markets provided supportive cues for Indian precious metal prices. Spot gold on COMEX traded at $2,297.90 per ounce, showing stability in international markets. The dollar index, which typically moves inversely to gold, traded flat around 105.12, creating favorable conditions for bullion prices.
Analysts noted that the market is closely watching Federal Reserve policies and geopolitical developments, which continue to influence gold's safe-haven appeal. The current price movement suggests investors are maintaining positions in precious metals as part of their risk management strategy.
City-wise Gold Rates Across India
Here's how gold prices shaped up across major Indian cities for November 10:
24-carat gold rates per 10 grams:
• Mumbai: ₹65,500
• Delhi: ₹65,600
• Chennai: ₹65,450
• Kolkata: ₹65,550
• Bangalore: ₹65,500
• Hyderabad: ₹65,450
• Ahmedabad: ₹65,550
22-carat gold rates per 10 grams showed similar patterns:
• Mumbai: ₹60,050
• Delhi: ₹60,150
• Chennai: ₹60,000
• Kolkata: ₹60,100
• Bangalore: ₹60,050
• Hyderabad: ₹60,000
• Ahmedabad: ₹60,100
The variation in rates across cities reflects local demand patterns, taxation differences, and transportation costs.
Market Outlook and Investment Perspective
Market experts suggest the current upward trend in precious metals might continue in the near term. The combination of economic uncertainty and festive demand in India creates a supportive environment for gold and silver prices. The ongoing wedding season and approaching festivals typically boost physical gold demand in the country.
Investors are advised to monitor global economic indicators, particularly US inflation data and Federal Reserve commentary, which could significantly impact precious metal prices in the coming sessions. The current market scenario presents both short-term trading opportunities and long-term investment prospects in the bullion sector.
The price movement in precious metals continues to attract attention from both retail investors and institutional players, reflecting the enduring appeal of gold and silver in investment portfolios during times of market uncertainty.
