Gold price today: Gold and silver prices in domestic futures continue its gaining streak on Friday, November 14, amid weak US Dollar and hawkish remarks from U.S. Federal Reserve officials dampened expectations of a rate cut in December.
MCX gold December contracts were 0.12 per cent up at ₹1,26,905 per 10 grams around 9:15 am. MCX silver December futures were 0.21 per cent up at ₹1,64,805 per kg at that time.
The dollar index was on track for a second consecutive weekly decline against major currencies, making gold more appealing for buyers using other currencies.
Amid concerns over inflation and indications that the labour market is stabilising after two rate cuts this year, an increasing number of Federal Reserve officials are showing reluctance toward additional policy easing.
The Fed trimmed rates by 25 basis points last month, but Chair Jerome Powell struck a cautious tone on the likelihood of another cut this year, citing insufficient supporting data.
According to CME Group’s FedWatch tool, traders now see a 51% chance of a quarter-point rate cut next month – down from 64% in the previous session.
The U.S. government resumed operations after a record 43-day shutdown, which had unsettled investors and interrupted the release of key economic data.
Gold and silver: Key levels to watch
According to Jigar Trivedi, Senior Research Analyst at Reliance Securities, markets have scaled back expectations for a December Fed rate cut, now assigning roughly a 50% probability to a 25-basis-point reduction, down from more than 95% a month ago, while bets on cuts in 2026 remain unchanged.
“Gold prices rose above $4,190 per ounce, heading for their best week in a month, driven by a softer dollar and uncertainty over a backlog of official data following the US government’s reopening. However, the yellow metal’s gains were capped as Federal Reserve officials showed little conviction for additional monetary easing. In tandem with the global trends, MCX gold price for December expiry is expected to gain to ₹127,000 per 10 grams,” Trivedi said.
Meanwhile, Rahul Kalantri, VP Commodities, Mehta Equities Ltd, believes that precious metals are on track for their strongest weekly performance in a month, supported by a weaker dollar and uncertainty stemming from missing U.S. economic data, which lifted safe-haven demand.
“Gold has support at $4140-4100 while resistance at $4240-4265. Silver has support at $52.50-52.10 while resistance is at $53.75-54.20. In INR gold has support at Rs1,25,750-1,24,980 while resistance at Rs1,27,750-1,28,400. Silver has support at Rs1,60,950-1,59,400 while resistance at Rs1,63,850-1,64,900,” Kalantri added.