Gold and silver prices witnessed sharp movements on Friday, November 14, as global uncertainty over the US Federal Reserve’s rate-cut outlook triggered volatility across precious metal markets. Domestic markets, international spot rates, and MCX futures all reflected mixed trends, with traders reacting to weaker economic signals, a stabilising labour market, and fresh comments from Federal Reserve officials.
In the national capital, gold prices (24K, 99.9% purity) slipped by ₹1,500 to reach ₹1,29,400 per 10 grams on Friday. The sharp fall followed weak global cues after Federal Reserve officials hinted that the absence of new economic data could delay further monetary easing.
Gold of 99.5% purity also recorded a drop of ₹1,500, falling to ₹1,28,800 per 10 grams, compared to Thursday’s closing price of ₹1,30,300 per 10 grams, as per the All India Sarafa Association.
Silver saw an even steeper decline. Prices tumbled ₹4,200, settling at ₹1,64,800 per kg on Friday after closing at ₹1,69,000 per kg a day earlier. Weak global trends and cautious investor behaviour contributed to the drop.
In the overseas market, gold recorded one of its biggest intraday declines in recent weeks.
Spot gold fell by $33.58, nearly 1%, to $4,137.88 per ounce.
Spot silver slipped 0.49%, trading at $52.03 per ounce.
Experts attributed the decline to uncertainty over the timing of the next US Federal Reserve rate cut. With insufficient economic data available due to delays in government releases, traders scaled back their expectations.
Beyond spot prices, domestic futures markets also showed notable fluctuations.
According to market data:
Domestic gold prices plunged nearly ₹5,000 per 10 grams, touching the day’s low of ₹1,21,895 on Friday, marking one of the sharpest intraday declines in recent times.
The fall mirrored global markets where prices dropped $127 per troy ounce.
MCX Prices Move Up Despite Global Weakness
Interestingly, MCX futures showed a slight upward trend early on Friday despite weakness in global markets.
At 9:15 am on November 14:
MCX gold December contracts were 0.12% up at ₹1,26,905 per 10 grams.
MCX silver December futures were 0.21% higher at ₹1,64,805 per kg.
The rise was supported by a weak US Dollar and investor expectation that the Fed may still opt for policy easing in the coming months.
The Federal Reserve has already trimmed rates by 25 basis points in the previous month. Fed Chair Jerome Powell, on the other hand, was cautious, saying that the economic data is still not good enough to support more cuts.
This hesitancy has made markets around the world unclear.
The dollar index is about to drop for the second week in a row, which makes gold more appealing to people who use other currencies.
CME Group’s FedWatch tool shows traders now expect a 51% chance of a quarter-point rate cut next month — down sharply from 64% in the previous session.
Additionally, the U.S. government’s reopening after a record 43-day shutdown has created a backlog of economic data, leaving investors with limited clarity on the actual economic trajectory.
Experts: Gold Supported by Weak Dollar, Capped by Fed Uncertainty
Jigar Trivedi, Senior Research Analyst at Reliance Securities, noted that market expectations for a December rate cut have cooled, dropping from more than 95% a month ago to just about 50% now.
He highlighted that:
Gold climbed above $4,190 per ounce earlier this week.
The metal is heading for its best weekly performance in a month.
Gains remain capped as Fed officials show reluctance toward further monetary easing.
On MCX, December gold may rise toward ₹127,000 per 10 grams if support levels hold.
Rahul Kalantri, VP–Commodities at Mehta Equities, added that precious metals are still on track for one of their strongest weekly performances in a month due to safe-haven demand driven by missing US economic data and a softer dollar.
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Support: $4,140 – $4,100
Resistance: $4,240 – $4,265
Silver (International):
Support: $52.50 – $52.10
Resistance: $53.75 – $54.20
Gold (INR):
Support: ₹1,25,750 – ₹1,24,980
Resistance: ₹1,27,750 – ₹1,28,400
Silver (INR):
Support: ₹1,60,950 – ₹1,59,400
Resistance: ₹1,63,850 – ₹1,64,900
On November 14, the gold and silver markets saw big changes because of signals from around the world, a volatile US dollar, and changing expectations about the Federal Reserve’s route to cutting rates. Domestic spot markets saw a steep drop, but MCX futures were marginally positive, which suggests that traders are cautiously optimistic. The next action by the Fed is still unclear, and global data releases have been pushed back. This means that precious metals are likely to be much more volatile in the next few days.
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