Bullion advance in futures on firm cues

New Delhi: Gold and silver prices gained in the futures trade driven by firm global trends and growing expectations among investors that the US Federal Reserve will deliver a rate cut next month. On the Multi Commodity Exchange (MCX), gold futures for December delivery increased by Rs 596, or 0.47 per cent, to Rs 1,26,100 per 10 grams in a business turnover of 4,496 lots.

The February contract appreciated by Rs 669, or 0.52 per cent, to Rs 1,28,336 per 10 grams in 10,370 lots. Silver prices also gained ground, with the December contract surging by Rs 1,183, or 0.73 per cent, to Rs 1,63,650 per kilogram in 5,799 lots.

The March 2026 contract also moved higher by Rs 1,373, or 0.83 per cent, to Rs 1,67,360 per kg in a business turnover of 15,578 lots.

“In the domestic market, both metals traded steady and ended Thursday on a mixed note due to the US Thanksgiving holiday keeping global cues limited,” Rahul Kalantri, VP, Commodities, Mehta Equities Ltd, said.

In the international market, Comex gold futures for December delivery went up by $22.2, or 0.53 per cent, to $4,187.4 per ounce, while silver was trading 1.71 per cent higher at $53.82 an ounce. In the intraday session, the white metal futures rose to hit a high of $54.23 per ounce.

“Gold in the Asian session inched toward $4,190 per ounce, while silver continued its upward march above $54, approaching fresh lifetime highs in the international market,” Kalantri added.

Jigar Trivedi, Senior Research Analyst at Reliance Securities, said gold’s upward movement has been approaching a five-week high, as investors grew more confident of a December Federal Reserve (Fed) rate cut.

He noted that a series of remarks from Fed officials supported further monetary policy easing, along with delayed economic data showing weakness, has reinforced expectations of a rate cut.