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What is the story about?
Gold and silver prices in India edged higher on Tuesday (November 25), tracking gains in the international market as expectations of a US interest-rate cut in December strengthened. The move came despite a firm dollar, which typically tempers demand for dollar-priced bullion.
In the domestic market, 24-karat gold traded at ₹12,704 per gram, while 22-karat gold stood at ₹11,645 per gram. Silver was quoted at ₹162.90 per gram, or ₹1.62 lakh per kilogram.
In global trade, spot gold rose 0.2% to $4,147.51 an ounce, its highest level in more than a week, extending Monday’s (November 24's) 1.8% jump. US gold futures for December were up 1.2% at $4,144.70 an ounce.
Spot silver hovered around $51.42 an ounce.
Rate-cut momentum lifts bullion
The shift in sentiment followed dovish remarks from top US Federal Reserve officials. Fed Governor Christopher Waller said the labour market appeared weak enough to justify another quarter-point cut in December, provided upcoming data—delayed by the government shutdown—supports the case.
New York Fed President John Williams also signalled that rates could fall “in the near term.”
Those comments sharply recalibrated expectations: investors now assign an 81% probability to a December cut, up from 40% a week earlier, according to the CME FedWatch Tool.
“Gold is primarily being driven by expectations of a rate cut,” said Kelvin Wong, senior market analyst at OANDA. “Since expectations shot up rapidly, it caused gold prices to recover in the short term.” Wong added that markets are watching upcoming U.S. data with “much more interest.”
Despite the upbeat tone, the dollar’s resilience near six-month highs is capping stronger upside for bullion.
Analysts flag volatility, key data triggers
Rahul Kalantri, VP Commodities at Mehta Equities, said gold and silver remain volatile ahead of a heavy US data calendar. “Precious metals found support from dovish Fed remarks… However, a stable dollar index and Russia-Ukraine peace-deal hopes are limiting gains,” he noted.
Kalantri pegged gold support at $4,100–4,065 an ounce and resistance at $4,170–4,195 an ounce, while silver faces support at $51.00–50.65 an ounce and resistance at $51.70–52.10 an ounce.
This week’s delayed releases of US retail sales, producer price inflation and jobless claims are expected to offer clearer signals on whether the Fed will validate current market optimism.
Domestic demand holds firm
Wedding-season buying continues to underpin Indian prices, said Aksha Kamboj, Vice President of the India Bullion & Jewellers Association (IBJA).
“Gold remains a strong portfolio anchor… Investors are buying not only for ornamental value but also for long-term wealth preservation,” she said.
Silver demand is also receiving support from both festive consumption and industrial needs, particularly in electronics and solar applications. Kamboj said sentiment is shifting “from consolidation to modest gain potential.”
-With Reuters inputs
In the domestic market, 24-karat gold traded at ₹12,704 per gram, while 22-karat gold stood at ₹11,645 per gram. Silver was quoted at ₹162.90 per gram, or ₹1.62 lakh per kilogram.
In global trade, spot gold rose 0.2% to $4,147.51 an ounce, its highest level in more than a week, extending Monday’s (November 24's) 1.8% jump. US gold futures for December were up 1.2% at $4,144.70 an ounce.
Spot silver hovered around $51.42 an ounce.
Rate-cut momentum lifts bullion
The shift in sentiment followed dovish remarks from top US Federal Reserve officials. Fed Governor Christopher Waller said the labour market appeared weak enough to justify another quarter-point cut in December, provided upcoming data—delayed by the government shutdown—supports the case.
New York Fed President John Williams also signalled that rates could fall “in the near term.”
Those comments sharply recalibrated expectations: investors now assign an 81% probability to a December cut, up from 40% a week earlier, according to the CME FedWatch Tool.
“Gold is primarily being driven by expectations of a rate cut,” said Kelvin Wong, senior market analyst at OANDA. “Since expectations shot up rapidly, it caused gold prices to recover in the short term.” Wong added that markets are watching upcoming U.S. data with “much more interest.”
Despite the upbeat tone, the dollar’s resilience near six-month highs is capping stronger upside for bullion.
Analysts flag volatility, key data triggers
Rahul Kalantri, VP Commodities at Mehta Equities, said gold and silver remain volatile ahead of a heavy US data calendar. “Precious metals found support from dovish Fed remarks… However, a stable dollar index and Russia-Ukraine peace-deal hopes are limiting gains,” he noted.
Kalantri pegged gold support at $4,100–4,065 an ounce and resistance at $4,170–4,195 an ounce, while silver faces support at $51.00–50.65 an ounce and resistance at $51.70–52.10 an ounce.
This week’s delayed releases of US retail sales, producer price inflation and jobless claims are expected to offer clearer signals on whether the Fed will validate current market optimism.
Domestic demand holds firm
Wedding-season buying continues to underpin Indian prices, said Aksha Kamboj, Vice President of the India Bullion & Jewellers Association (IBJA).
“Gold remains a strong portfolio anchor… Investors are buying not only for ornamental value but also for long-term wealth preservation,” she said.
Silver demand is also receiving support from both festive consumption and industrial needs, particularly in electronics and solar applications. Kamboj said sentiment is shifting “from consolidation to modest gain potential.”
-With Reuters inputs
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