Gold and silver prices continued their upward trend on Wednesday, November 26, rising over half a percent after gaining more than 1% the previous day. Strong demand in the spot market and growing expectations of a U.S. Federal Reserve rate cut supported the move. Around 9:10 am, MCX gold December futures traded 0.50% higher at ₹1,25,835 per 10 grams, while MCX silver December futures were up 0.91% at ₹1,57,750 per kg.
Globally, gold reached nearly a two-week high as weaker U.S. economic data pushed the dollar lower and increased the likelihood of a December rate cut. The dollar index slipped to about 99.60, while U.S. 10-year Treasury yields hovered near one-month lows. Softer U.S. retail sales growth and September’s PPI data strengthened the case for monetary easing. Both data releases had been delayed due to a lengthy government shutdown.
However, signs of progress toward a peace plan in the Russia-Ukraine conflict could restrain gold’s upside.
Analysts outlined key support and resistance levels for both metals in global and Indian markets. Some experts also suggested selective buying opportunities in silver within defined price ranges and stop-loss levels.
