Precious metals witnessed a yo-yo journey in November with both gold and silver losing ground in the middle of the month only to recover and close on a positive note by November end. The soft U.S. labour data along with the expectations of further interest rate cuts in the U.S., propped up the sentiment towards precious metals in the past few weeks.
Comex gold zoomed and managed to settle above the psychological $4,200 mark at $4,256.4 by the end of November. This represents a gain of 6.05%. Comex silver saw a better show and managed to hit a fresh 52-week high. The white metal gained 18.31% in November and settled at a fresh lifetime high of $57.08.
Mirroring the trend in the global markets, MCX Gold price gained 5.7% to settle at ₹1,29,599 per 10-gram. MCX silver logged a whopping 15.8% gain to settle at ₹1,75,340 a kilogram.
Consolidation phase
As observed last month, the Comex gold price was in a consolidation phase, devoid of any meaningful trend. The recent price action suggests gold price could seek higher levels in the short-term. The price could head to the next target of $4,450-$4,500. Only a fall below the immediate support at $3,900 would be an early signal that the price is still in a consolidation phase and the eventual move towards the next target zone would be delayed a bit.
Comex silver has been consistently outperforming gold in the past several months and the trend still prevails. The recent pull and consolidation phase appears complete and the next leg of the uptrend seems underway. Silver price could head to the next target of $60-$62 in the near term. Only a fall below the support zone of $48-$49 would be a cause of concern for the positive outlook for silver.
Domestically, the MCX gold price almost mimicked the price action in the global markets. The price recovered in the past few days after having cooled off a bit in the middle of last month. The short-term outlook is bullish and the MCX gold price is likely to head to the next target of ₹1,38,000-₹1,40,000 range. A fall below ₹1,11,000 would warrant a reassessment of the positive outlook.
The price action in MCX silver was almost similar to gold. The recovery in price suggests next leg of the uptrend is underway. MCX silver price could head to the next target of ₹1,82,000-₹1,83,000. A fall below ₹1,52,000 would push the silver price into a corrective phase and journey to the above target might get delayed.
To summarise, gold and silver seem to have resumed uptrend and could seek higher levels in the short-term.
(The author is a Chennai based analyst / trader. The views and opinion featured in this column is based on the analysis of short-term price movement in gold and silver futures at COMEX & Multi Commodity Exchange of India. This is not meant to be a trading or investment advice.)
Published – December 01, 2025 06:54 am IST
Source: https://www.thehindu.com/business/markets/us-rate-cut-hope-propels-gold-silver/article70341421.ece
