Gold, Silver Prices On November 24; Yellow Metal Set For 2nd Weekly Gains; 24-carat at Rs 61,970 Per 10 grams

The prices of precious metals witnessed a mixed trend on Friday with yellow metal holding a steady movement and poised for second weekly gains. However, silver prices plunged today. Safe haven assets like gold looked attractive due to the sentiment in the dollar taking a backflip after FOMC minutes sounded cautious along with the likelihood for a longer pause in rates. The US manufacturing PMI which will come out today may further provide direction to precious metals.

MCX gold futures, expiring on December 5th, traded at Rs 61,430, up by Rs 25 or 0.04%. The bullion touched an intraday high of Rs 61,504 per 10 grams.

On the contrary, MCX silver prices dipped by Rs 165 or 0.23% to trade at Rs 72,733 per 1 kg. Silver prices ranged between Rs 72,627 to Rs 72,996 per 1 kg for the day.

Meanwhile, 24-carat gold in India was priced at Rs 61,970, 22-carat at Rs 56,800, and 18-carat at Rs 46,470 in per 10 grams on Friday. 1 kg of silver stood at Rs 76,200 in India, and 1 gram of silver was at Rs 76.20.

On the global front, spot gold in London surged to trade at $1,993.69 an ounce and ranged from $1,991.51 to 1,994.99. Meanwhile, US gold futures also picked up to trade at $1,994.25 an ounce and ranged from $1,992.15 to 1,995.65.

Rahul Kalantri, VP of Commodities, Mehta Equities said that gold and silver experienced a marginal uptick in a low-volume session, attributed to the Thanksgiving holiday in the United States. This increase in precious metals followed disappointing U.S. durable goods and core durable goods orders data, hinting at a potential pause in interest rates by the U.S. Federal Reserve in upcoming policy meetings.

He added, "The safe-haven appeal of gold and silver strengthened further in response to lacklustre U.S. economic data, coinciding with corrections in the dollar index and bond yields, which also contributed to supporting precious metal prices. The U.S. manufacturing PMI data is scheduled for release later today and could provide additional guidance for the precious metals market."

Lastly, he said, "Anticipate continued volatility in today's session for both gold and silver. Gold finds support at $1981-1968, with resistance at $2008-2021. Meanwhile, silver has support at $23.48-23.32 and resistance at $23.86-24.05. In terms of INR, gold has support at Rs 60,920-60,760 and resistance at Rs 61,280, 61,470. Silver's support in INR is at Rs 72,050-71,380, and resistance stands at Rs 73,570, 74,130."

Disclaimer: The recommendations made above are by market analysts and are not advised by either the author or Greynium Information Technologies. The author, the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.