Gold, silver prices bounce back on renewed safe-haven buying globally; rise in domestic, futures trade

Gold rates (24K, 99.9% purity) climbed ₹1,500 to ₹1,27,300 per 10 gram in Delhi on Wednesday, November 19, as safe-haven demand bounced back amid a strong rally in the international rates, according to the All India Sarafa Association. The precious metal of 99.5% purity rose by ₹1,500 to ₹1,26,700 per 10 gram. 

Meanwhile, silver prices also soared significantly on Wednesday, rising by ₹4,000 to ₹1,60,000 per kg after falling for three consecutive sessions. 

In the overseas markets, spot gold jumped for the second session straight, rising by $46.32, or 1.14% to $4,114.01 per ounce. Spot silver advanced 3.09% to $52.26 per ounce.

As per market experts, gold prices rose on the back of renewed safe-haven demand. 

The US jobless claims increased in mid-October, while continuing claims rose to 1.9 million, signalling cooling labour market conditions. 

Federal Reserve officials offered mixed cues, with Thomas Barkin highlighting balanced risks between inflation and employment, while Christopher Waller struck a more dovish tone, citing weakening labour conditions, a PTI report noted.

Gold, silver futures

Gold futures for the December delivery rose to an intraday high of ₹1,24,194 per 10 gram on Wednesday on the Multi Commodity Exchange (MCX). At around 6:50 pm, the contracts were trading 0.8% up at ₹1,23,715 per 10 gram. 

Silver December contracts also soared to an intraday high of ₹1,59,066 per kg during the session. At around 6:50 pm, they were trading nearly 2% up at ₹1,57,704 per kg on the MCX.

The Federal Open Market Committee (FOMC) meeting minutes and Thursday's jobs report will both provide some inputs on the interest rate and bullion movement outlook.