Gold Rates Next Week: Analysts say gold prices may stay firm in the coming week as traders keep a close eye on the US Federal Reserve meeting and the weak Indian rupee.
Pranav Mer, Vice President, EBG – Commodity & Currency Research, JM Financial Services Ltd, told PTI, “Gold is expected to remain on positive side as traders will be focusing on the US Federal Reserve’s FOMC meeting outcome and the Fed Chair Jerome Powell’s commentary as well, while on the data front, the focus will be on China’s trade and inflation data and the US jobs data.”
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Gold Moving Higher in Indian Market
On the MCX, gold futures went up by Rs 958 this week, which is a rise of 0.74%. This growth stayed ahead of global prices. Experts say the rupee falling against the dollar made gold more expensive in India. PTI quoted Prathamesh Mallya, DVP – Research, Non-Agri Commodities and Currencies, Angel One, saying, “Gold prices in the Indian markets have rallied more than the Comex gold prices on account of rupee depreciation against the dollar. The rupee is now at the highest mark of 90, which makes gold in Indian currency costlier.”
According to ET Now, Mallya said gold might continue to rise next week because people expect a rate cut, central banks are buying more gold, and many funds are also interested. In global trade, Comex gold futures slipped by USD 11.9, a fall of 0.28%. Mer said gold prices stayed in a tight range but got support from a weak dollar and strong hopes of a Federal Reserve rate cut at its December 10 meeting.
Silver reaching to New Records
Silver prices stayed even stronger than gold. Industrial demand pushed silver to new highs. On the MCX, silver futures jumped by Rs 8,427 this week, a rise of 4.81%. On Friday alone, silver surged by Rs 7,096, or 3.98%, reaching Rs 1,85,234 per kilogram.
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PTI quoted Chirag Doshi, CIO – Fixed Income, LGT Wealth India, saying, “In the first half of the week, silver futures spiked close to Rs 1.80 lakh per kg and briefly touched fresh highs. Since then, prices have cooled off slightly but are still sitting on massive month-on-month gains.” He also said traders now use sharp intraday jumps to book profits because the market is settling at higher levels.
In global markets, Comex silver futures rose by $1.89, or 3.30%, during the week. On Friday, the metal soared by $2.4, or 4.19%, and touched a lifetime high of $59.90 per ounce. Mer said silver kept rising because industries need more silver and supplies stay tight. He explained that the strong energy may push silver to Rs 2,00,000-2,25,000 levels soon.
