Gold rallies ₹1,300 to ₹1,25,900/10 gm; silver jumps ₹2,460 amid firm global cues, weak dollar

Gold rates (99.9% purity, 24K) in Delhi rallied by ₹1,300 to ₹1,25,900 per 10 gram in the national capital on Monday, November 10, amid strong global cues and a weak dollar, according to the All India Sarafa Association.

The precious metal of 99.5% purity climbed ₹1,300 to ₹1,25,300 per 10 gram after closing at ₹1,24,000 per 10 gram on Friday. 

Silver added ₹2,460 per kg, rising to ₹1,55,760 per kg on Monday after ending at ₹1,53,300 per kg on Friday. 

In the overseas markets, spot gold increased by $83.12, or 2.08%, to $4,082.84 per ounce, while spot silver was trading 3.3% higher at $49.93 per ounce. 

"Gold gained as a weak dollar cues and positive sentiment following the reopening of the US government lifted prices. The focus now shifts to key inflation data, including Consumer Price Index (CPI) and Core CPI in the US, and CPI & WPI inflation data in India, which will guide short-term market direction," a PTI report quoted Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, as saying.

Gold, silver futures

Gold futures jumped to an intraday high of ₹1,23,876 per 10 gram on the Multi Commodity Exchange (MCX), rising 2.3% on Monday on the back of a weak dollar. 

Silver futures too rose on Monday, rising over 3.4% to an intraday high of ₹1,52,966 per kg on the MCX. 

Gold rises during uncertain situations, and the economic and policy uncertainty in the US has been boosting gold prices, along with market volatility and central bank gold buying. 

Investors will now closely track crucial US inflation data, key economic numbers from China, the US Supreme Court hearing on tariffs and comments from US Federal Reserve officials for clarity on the monetary policy outlook. Last month, the US Fed cut the interest rates by 25 bps, but said another rate cut in December is doubtful.