Gold and silver prices surge in India as Fed hints at interest rate cuts. Could gold break its all-time high of ₹1,32,294? Get the latest MCX price updates.
The Indian commodity market is witnessing a strong surge in gold and silver prices for the fifth consecutive day. On the MCX, gold prices have crossed the ₹1.25 lakh per 10 grams mark, showing an increase of over ₹6,000 in just five days. Despite this rise, gold is still trading nearly 5% below its all-time high of ₹1,32,294.
What Triggered the Surge in Gold and Silver?
Experts attribute the recent spike in gold prices to statements by the Federal Reserve Governor. He noted that inflation figures are lower than expected and there is no significant improvement in the job market, signaling a favorable time for interest rate cuts.
The Fed Governor suggested that the December policy meeting could see a 50 basis points cut, and if not, a 25 basis points cut is possible. Following this announcement, international gold and silver prices reached three-week highs, which influenced domestic markets positively.
Gold Price Update on MCX
At 11:45 AM, gold was trading at ₹1,24,674 per 10 grams, up ₹704 from the previous session. During the trading session, prices touched a day’s high of ₹1,25,839, marking a total rise of ₹1,839.
Gold price trend over the past 5 days:
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November 4: ₹1,19,797
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November 5: ₹1,20,522
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November 6: ₹1,20,613
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November 7: ₹1,21,067
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November 10: ₹1,23,970
This trend has provided investors with a return of over 5% in just five trading sessions.
also read:- Gold Silver Price Today: Surge in Gold and Silver Prices…
Why Are Gold Prices Rising?
Market analysts believe that the Fed’s comments on potential interest rate cuts have strengthened gold. Lower interest rates usually make gold more attractive as a safe-haven investment.
Additionally, concerns about a slowing global economy and a weaker dollar could further push gold prices higher in the coming days.
Will Gold Break Its All-Time High?
With a 5% recovery in just five trading days, the big question is whether gold can surpass its previous record of ₹1,32,294. According to Anuj Gupta, Director at Oravel Wealth, gold prices are expected to continue rising in the near term. The Fed’s supportive stance acts as a positive catalyst for gold, and the market may witness further gains soon, potentially breaking the October 17 record.
At present, gold remains approximately 5% below its all-time high, but sustained momentum could push it to new record levels, making it an attractive opportunity for investors.
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