Gold price today: MCX gold rose by almost a per cent to reclaim the ₹1,25,007 per 10 grams mark in morning deals on Tuesday, November 11, on healthy spot demand and positive global cues.
MCX Gold December contracts were 0.94 per cent up at ₹1,25,137 per 10 grams around 9:15 am. MCX Silver December contracts were 1.12 per cent up at ₹1,55,407 per kg at that time.
International gold prices rose to a near three-week high on growing expectations of another US Fed rate cut in December.
Meanwhile, a stable dollar and US bond yields also supported gold prices.
Rate cut expectations have been one of the biggest drivers of gold prices this year. Recent data have shown stress in the US job market and weak consumer sentiment, raising expectations that the Fed may consider a 25 basis points rate reduction next month.
According to the CME Group FedWatch tool, traders see a 64 per cent chance of a 25 bps rate cut in the US Fed’s next policy meeting.
“Gold rose above $4,130/oz, hitting a three-week high as growing economic uncertainty in the US fueled expectations for a near-term Federal Reserve rate cut. Last week’s data showed job losses in October, particularly in government and retail sectors, while consumer sentiment fell to a three-and-a-half-year low in early November,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.
Meanwhile, there are indications that the US government shutdown, the longest in history, could end soon. According to media reports, the Senate approved a bill to end the shutdown, which started on October 1, 2025, with some Democrats agreeing to a deal with Republicans.
“Expectations of a resolution to the US government shutdown and growing anticipation of rate cuts in the December Fed meeting supported the rally. Fed Governor Stephen Miran suggested a larger 50 bps rate cut to address rising unemployment and sluggish inflation. JP Morgan expects gold prices to remain supported longer term, projecting levels above $5,000 next year due to continued central bank buying,” Rahul Kalantri, VP Commodities, Mehta Equities, observed.
Gold and silver: Trading strategy and key levels to watch
Experts expect gold and silver prices to remain volatile this week. However, they remain positive about the medium-term prospects of precious metals and suggest buying on dips.
“We suggest buying gold and silver on every dip until gold holds ₹1,21,000 and silver holds ₹1,46,600 on a closing basis. Gold is likely to test ₹1,26,000 and silver could also test ₹1,58,000 in two to three sessions,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.
Jain believes gold may trade in the range of $3,960 and $4,220 per troy ounce, and silver is expected to trade in the range of $47 and $52.50 per troy ounce this week.
Jain said support for gold is at $4,084 and $4,050, while resistance is at $4,160 and $4,200 per troy ounce, and silver has support at $49.70 and $49.20, while resistance is at $50.84 and $51.70 per troy ounce in today’s session.
MCX gold has support at ₹1,22,740 and ₹1,22,000, and resistance is at ₹1,25,000 and ₹1,26,650, while silver has support at ₹1,52,200 and ₹1,50,800, and resistance is at ₹1,55,500 and ₹1,58,000.
According to Kalantri, gold has support at $4,065 and $4,020 while resistance is at $4,135 and $4,155. Silver has support at $49.80 and $49.35, while resistance is at $50.85 and $51.20.
In INR, gold has support at ₹1,23,450 and ₹1,22,880 while resistance is at ₹1,24,850 and ₹1,25,400. Silver has support at ₹1,52,850 and ₹1,51,900 while resistance is at ₹1,54,940 and ₹1,55,880, said Kalantri.