MCX Gold Price: Gold rates are changing daily. Gold prices fluctuate constantly, sometimes rising and sometimes falling. Gold prices have declined slightly this week across markets in the country. Gold futures on the Multi Commodity Exchange (MCX) have fallen to ₹1,25,733 per 10 grams, while silver prices have risen to ₹1,63,341 per kg. On Friday, November 28th, gold and silver prices rose sharply in the Indian futures market. The rise was driven by increased spot demand for gold and by growing expectations of a US Federal Reserve rate cut in December. MCX Gold December futures are currently up 0.39% to ₹1,25,999 per 10 grams. The MCX Silver December contract is trading 0.85% higher at ₹1,63,849 per kg.
The wedding season is driving a surge in domestic gold demand. Demand for gold and silver also increases significantly during weddings. Furthermore, expectations of a US Fed rate cut and a weakening dollar have been key factors driving gold futures prices higher over the past few days.
However, gold prices have also seen some fluctuations due to profit booking, driven by news on the Russia-Ukraine front.
What is the reason for the fluctuations in gold prices?
Uncertainty in the international market has put pressure on gold, and its price has slipped to $4,158 per ounce.
In addition, expectations of interest rate cuts at the upcoming Federal Reserve meeting are growing. When interest rates fall, bond yields decline, which
causes investors to turn to safe-haven assets like gold and silver.
Silver’s Strong Move
Unlike gold, silver prices are rising sharply. On November 28th, the price of silver rose to ₹1,73,100 per kilogram. Silver’s use has increased significantly across industries, including electronics, solar panels, and medical devices. Consequently, silver demand is steadily growing.
Experts believe that gold and silver prices will remain volatile. If the Federal Reserve does indeed cut rates, gold could see another sharp rise. Meanwhile, silver is currently delivering impressive returns, and demand could increase further in the near future. Therefore, long-term investors can generate significant profits by strategising on both metals.