Gold and silver prices gained in the futures trade on Friday driven by firm global trends and growing expectations among investors that the US Federal Reserve will deliver a rate cut next month.
On the Multi Commodity Exchange (MCX), gold futures for December delivery increased by ₹596, or 0.47 per cent, to ₹1,26,100 per 10 grams in a business turnover of 4,496 lots.
The February contract appreciated by ₹669, or 0.52 per cent, to ₹1,28,336 per 10 grams in 10,370 lots.
Silver prices also gained ground, with the December contract surging by ₹1,183, or 0.73 per cent, to ₹1,63,650 per kilogram in 5,799 lots.
The March 2026 contract also moved higher by ₹1,373, or 0.83 per cent, to ₹1,67,360 per kg in a business turnover of 15,578 lots.
“In the domestic market, both metals traded steady and ended Thursday on a mixed note due to the US Thanksgiving holiday keeping global cues limited,” Rahul Kalantri, Vice-President, Commodities, Mehta Equities Ltd, said.
In the international market, Comex gold futures for December delivery went up by $22.2, or 0.53 per cent, to $4,187.4 per ounce, while silver was trading 1.71 per cent higher at $53.82 an ounce.
In the intraday session, the white metal futures rose to hit a high of $54.23 per ounce.
“Gold in the Asian session inched toward $4,190 per ounce, while silver continued its upward march above $54, approaching fresh lifetime highs in the international market,” Kalantri added.
Jigar Trivedi, Senior Research Analyst at Reliance Securities, said gold’s upward movement has been approaching a five-week high, as investors grew more confident of a December Federal Reserve (Fed) rate cut.
He noted that a series of remarks from Fed officials supported further monetary policy easing, along with delayed economic data showing weakness, has reinforced expectations of a rate cut.
Meanwhile, Kevin Hassett, seen as a frontrunner to replace Fed Chair Jerome Powell, has echoed President Donald Trump’s support for a rate reduction.
Trivedi said that market participants now price in more than an 80 per cent probability of a 25 basis points cut next month, up sharply from 30 per cent a week ago.
“Investors are also pricing in three additional cuts by the end of 2026. The metal is poised for its strongest annual performance since 1979, supported by heavy central-bank buying and strong non-sovereign inflows into exchange traded funds (ETFs),” he added.
Published on November 28, 2025
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