New Delhi, Nov 9 — Gold and silver prices rallied up to 2 pc on Monday, supported by softer crude oil prices, a retreat in the US dollar and improving investor sentiment.
On the Multi Commodity Exchange (MCX), gold futures (December 4) rose as much as 1.29 per cent or Rs 1,848 to hit an intraday high of Rs 1,44,400 per 10 grams.
At around 12:55 pm, the yellow metal was trading at Rs 1,43,700, up Rs 1,148 or 0.81 per cent from its previous close.
Meanwhile, silver futures (December 4) gained as much as 2.32 per cent or Rs 4,299 to touch an intraday high of Rs 1,89,399 per kg.
At the last count, the white metal was trading at Rs 1,86,840 per kg, up Rs 1,740 or 0.94 per cent from its previous close.
According to commodity market experts, bullion prices resumed their gap-up rally as softer crude oil prices eased inflation concerns, while a modest retreat in the US dollar provided further support.
Gold gained fresh momentum following the US midterm elections, despite stronger-than-expected October job growth and a decline in unemployment to 4.1 per cent, which reinforced expectations of a December rate hike by the US Federal Reserve, according to them.
Experts said investors would closely monitor geopolitical developments, Russia-Ukraine peace talks, crude oil movements, US inflation data and signals from the Federal Reserve for further direction.
In the international market too, COMEX gold advanced around 1 per cent to nearly $4,130, while silver climbed around 2 per cent to approximately $53.10, outperforming gold.
On the domestic front, MCX gold has immediate support at Rs 143,000-Rs 143,700, while resistance is seen at Rs 145,300-Rs 146,000. A sustained move above Rs 146,000 could extend the recovery, while a decisive break below Rs 143,000 may expose the metal to further downside, the experts said.
“MCX silver has immediate support at Rs 186,000-Rs 188,000, with resistance at Rs 194,000-Rs 196,000. A sustained move above Rs 196,000 could extend the rally, while a break below Rs 186,000 may trigger a retreat towards Rs 180,000,” they added.
Experts said the near-term outlook for both precious metals remained cautiously constructive, although elevated US Treasury yields and expectations of a December Fed rate hike could limit further gains.
Meanwhile, crude oil prices remained under pressure as easing US-Iran tensions reduced concerns over potential supply disruptions.