Gold, Silver Prices November 28: MCX Gold Flirts Near Record Levels As Global Prices Hit 6-Month HIgh

The prices of precious metals like gold and silver showed a mixed trend on Tuesday, however, MCX gold prices are flirting near their all-time highs. On the other hand, silver prices were under pressure. At home, domestic yellow metal prices track huge buying in international bullion as they climbed to a six-month high. The dollar has weakened on expectations that the Fed's rate hike cycle has ended, which lifted sentiments in a safe haven.

At the time of writing, MCX gold futures, maturing on December 5th, traded at Rs 61,684 per 10 grams, up by Rs 144 or 0.23%. The bullion was near its day's high of Rs 61,686 per 10 grams. It opened at Rs 61,619 per 10 grams today. That being said, MCX gold is just a couple of rupees away from hitting its all-time high of Rs 61,914 which was recorded in November this year.

Also, MCX gold for February 5, 2024, expiry, traded at Rs 62,082 per 10 grams, rising by Rs 145 or 0.23%. This was also near his day's high of Rs 62,175 per 10 grams.

On the other hand, silver prices dipped by Rs 106 or 0.14% for December expiry to Rs 74,700 per 1 kg and ranged between Rs 74,852 to Rs 74,490 per 1 kg. While the March 2024 expiry saw a decline of Rs 95 or 0.12% to trade at Rs 76,390 per 1 kg, and ranged between Rs 76,527 to Rs 76,250.

Meanwhile, in retail shops broadly in India, the prices were unchanged from the previous day. 22-carat gold in 10 grams is priced at Rs 57,350, while 24-carat and 18-carat yellow metal in the same grams are available at Rs 62,560 and Rs 46,920 respectively.

On the global front, spot gold in London jumped to a six-month high of $2,015.65 per ounce, while US gold futures edged higher by 0.2% to $2,016.10 an ounce. The inflation data scheduled this week will be crucial to gauge US Federal policy outcomes for December 2023. However, the majority consenses are that Fed is done with hiking rates, and will have prolonged higher interest rates before trimming them in somewhere between mid-to-late 2024s.

Rahul Kalantri, VP of Commodities, Mehta Equities said, "The technical postures for both metals also indicate bullishness, which continues to invite the chart-based traders to the long sides of gold and silver. Precious metals also garnered support from weaker U.S. new home sales data, which dropped 5.6% in October to 6,79,000 units. Gold and silver are showing solid strength and are sustaining above breakout levels of $2,000 per troy ounce and $24 per troy ounce respectively and could show more strength in the upcoming sessions."

He added, "We expect gold and silver prices to remain volatile in today's session. Gold has support at $1998-1986, while resistance is at $2024-2032. Silver has support at $24.38-24.20, while resistance is at $24.80-24.95. In INR terms, gold has support at Rs61,380-61,160, while resistance is at Rs 61,780, 61,910. Silver has support at Rs75,050-74,480, while resistance is placed at Rs 76,270-76,930."

For the previous session, Kalantri said, gold and silver prices were higher on Monday, but down from their daily highs, with the yellow metal hitting a four-week high and silver a three-month high. The precious metals witnessed buying support due to the weak U.S. dollar index which is trading near three-month lows.