NEW DELHI, Nov 11: Gold and silver prices surged on Tuesday in futures trade, supported by easing US government shutdown concerns and growing expectations of a Federal Reserve rate cut in December.
On the Multi Commodity Exchange (MCX), December gold futures rose Rs 725 (0.58%) to Rs 1,24,695 per 10 grams, while February 2026 contracts climbed Rs 736 (0.59%) to Rs 1,26,101. Silver December contracts gained Rs 639 (0.42%) to Rs 1,54,330 per kg, and March 2026 contracts rose Rs 632 (0.4%) to Rs 1,56,880 per kg.
Analysts cited dollar weakness and safe-haven demand as key drivers. Comex December gold futures gained USD 18.75 (0.45%) to USD 4,140.75 per ounce, while silver added 0.08% to USD 50.35 per ounce. Weak US employment data and declining consumer sentiment fueled expectations for a near-term Fed rate cut.
Fed Governor Stephen Miran indicated a possible 50 basis points reduction to tackle unemployment and sluggish inflation. Meanwhile, the US Senate moved to reopen the government after a 40-day shutdown. JP Morgan projects gold could surpass USD 5,000 per ounce next year, backed by continued central bank buying. (PTI)
