Gold prices regain shine as dollar dips; silver surges too

Gold futures on the MCX surged Rs 791 to Rs 1,21,313 per 10 grams on Thursday, supported by firm global cues and a weaker dollar. Silver followed suit, gaining Rs 1,251 per kg as global prices rose above USD 4,000 per ounce

New Delhi: Gold prices climbed by Rs 791 to Rs 1,21,313 per 10 grams in the futures trade on Thursday, supported by firm global cues and a weak dollar. On the Multi Commodity Exchange (MCX), gold futures for December delivery appreciated by Rs 791, or 0.66 per cent, to Rs 1,21,313 per 10 grams from the previous close of Rs 1,20,522 per 10 grams.

The February 2026 contract appreciated by Rs 909, or 0.75 per cent, to Rs 1,22,747 per 10 grams. It had settled at Rs 1,21,838 per 10 grams on Wednesday. Silver futures moved in tandem, with the December contract rallying by Rs 1,251, or 0.85 per cent, to Rs 1,48,572 per kilogram against the previous close of Rs 1,47,321 per kg.

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The March 2026 contract bounced by Rs 1,578, or 1.06 per cent, to Rs 1,50,677 per kg as compared with Wednesday’s closing of Rs 1,49,099 per kilogram on the commodities bourse. The commodities exchange remained closed in the morning session on Wednesday on account of Guru Nanak Dev Jayanti, but resumed trading in the evening session.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.29 per cent to 99.91, making bullion more attractive for investors of other currencies. In the international markets, Comex gold futures advanced by 1 per cent to USD 4,024.37 per ounce, reclaiming the USD 4,000 level, while silver futures rose by USD 1.20 per cent to USD 48.60 an ounce.

“Gold prices rose to USD 4,024 per ounce as investors weighed US jobs data and interest rate outlook. Persistent risk-off sentiment and inflation concerns may support prices, though firm economic data may limit upside,” brokerage firm Kotak Securities said.

Jigar Trivedi, Senior Research Analyst at Reliance Securities, said, “The private payrolls and ISM Services PMI have reinforced expectations that there is little room for additional rate cuts, with inflation still above target and the government shutdown delaying key labour data”.

This comes against the backdrop of a hawkish tone from several Fed officials, aligning with Chair Jerome Powell’s recent remarks suggesting that the latest rate cut could be the last for this year, Trivedi said.

According to commodities market experts, investors are likely to remain cautious ahead of speeches from several Federal Reserve officials, including John Williams and Michael S Barr, later in the day. “The commentary will provide more impetus on the central bank’s monetary policy path and could influence the near-term trajectory for bullion prices,” an expert said.