Gold and silver prices today: Both gold and silver prices rebounded on Wednesday, due to safe-haven demand, while investors awaited the minutes of the Federal Reserve’s most recent policy meeting and the U.S. jobs report, which could provide additional insight into the central bank’s interest rate trajectory.
MCX Gold December futures were up 0.20% at ₹1,22,884 per 10 grams around 9:10 a.m., while MCX Silver December contracts rose 0.45% to ₹1,55,337 per kg during the same time, on November 19.
On Tuesday, both metals witnessed a downturn for third consecutive session on US Federal Reserve rate cut expectations. Gold futures on MCX saw notable declines, with the December contract slipping ₹1,807, or 1.47%, to ₹1.21 lakh per 10 grams. Silver futures were also weaker—December futures fell ₹3,660 (2.36%) to ₹1.51 lakh per kg.
Gold has dropped nearly ₹9,000 from its record high of ₹1,30,874 touched on October 17. Silver has declined over ₹26,000 from its lifetime high of ₹1,78,100 reached on October 14.
Investors are now looking ahead to the September non-farm payrolls data, which will be released on Thursday after being delayed due to the recent U.S. government shutdown, as well as the minutes from the Fed’s latest meeting expected later today.
Expectations of further Federal Reserve rate cuts have also strengthened amid indications that the U.S. labor market is weakening. Fed Governor Christopher Waller noted that more companies are discussing potential layoffs as they prepare for slower demand and anticipate productivity gains driven by artificial intelligence.
Gold and silver likely to fall in the near-term?
According to Ponmudi R, CEO – Enrich Money, both domestic and global precious metals have cooled off from their recent highs but continue to hold key structural supports.
“MCX Gold is taking support from its rising channel near ₹1,21,800– ₹1,21,000, with yesterday’s hammer candle reinforcing this demand zone. Immediate resistance is seen at ₹1,23,400 and ₹1,24,000. On COMEX, gold has found support near the $4,000 psychological level and reclaimed its trendline, with $4,085 acting as the next resistance. A breakout above this zone could open the door for an advance toward $4,100–$4,123,” Ponmudi said.
Meanwhile, silver likely to bounce back to the $52-$53 levels and thereafter may move towards the next targets of $58 and $62, with strong support at $47.60, according to Emkay Wealth Management report.
“Given the relatively higher volatility in silver prices, any further investments into silver may be taken as tactical positions with six months to 12 months of time horizon, with target levels for exit. It expects further strong support levels for silver exist at US$ 45.60 and US$ 42.00, in that order,” the report said.
After a brief correction, silver prices are hovering around US$ 48.80 per ounce, largely due to profit booking and the easing of trade restrictions between the US and China on critical minerals.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
