Gold price today: The rates of gold and silver rose in the domestic futures market on Thursday morning (November 13) amid a decline in the US dollar after US lawmakers passed a temporary funding bill to end the federal shutdown. MCX gold December contracts were 0.37 per cent up at ₹1,26,935 per 10 grams around 9:35 am. MCX silver December futures were 1.70 per cent up at ₹1,64,854 per kg at that time.
The dollar index traded near 99.5 as investors awaited the start of US economic data release after the end of the US shutdown, the longest in history.
According to PTI, US President Donald Trump signed a funding bill on Wednesday night (local time), bringing an end to a record 43-day shutdown, which started on October 1, leaving federal workers unpaid, stranding travellers at airports, and causing long lines at food banks.
Market participants expect incoming data to support bets of the US Federal Reserve rate cut in December.
According to Reuters, “economists said the US Labor Department’s statistical agency should prioritise the production of November employment and inflation data to ensure Fed members have the latest information at their December policy meeting.”
“The ongoing strength in precious metals has come despite expectations that the US government will reopen within 24 hours. Traders anticipate that the resumption of US economic data could reinforce prospects for a December Fed rate cut, providing additional momentum to the market,” Rahul Kalantri, VP Commodities, Mehta Equities, observed.
Gold and silver: Key levels to watch
According to Kalantri, the near-term technical postures for gold and silver have become more bullish recently, which is inviting chart-based speculators to play the long side of both markets.
“Gold holds its make-or-break level of $4,000 and crossed $4,150 per troy ounce, and silver also holds its key support level of $50.00 per troy ounce and crossed $52 per troy ounce levels, showing strength. It has support at $4,140 and $4,100, while resistance is at $4,240 and $4,265. Silver has support at $52.50 and $52.10 while resistance is at $53.75 and $54.20,” said Kalantri.
In INR, gold has support at ₹1,25,750 and ₹1,24,980, while resistance is at ₹1,27,750 and ₹1,28,400. Silver has support at ₹1,60,950 and ₹1,59,400 while resistance is at ₹1,63,850 and ₹1,64,900, Kalantri said.
Jigar Trivedi, Senior Research Analyst at Reliance Securities, believes the MCX gold December may continue with a positive undertone, with ₹1,27,000 per 10 grams as the resistance for today.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
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