Silver Surges Rs 8,400 This Week, Gold Also Becomes Costlier, What’s Next for Prices?

Gold prices closed with a slight dip on Friday. Meanwhile, silver closed with a significant surge. A decision on US Fed rates is due next week.

Gold Silver Rate Outlook: Gold prices closed lower on Friday, the last trading day of the week. On the MCX exchange, the domestic futures price of gold closed at Rs 1,30,419 per 10 grams, with a marginal decline of Rs 43. Meanwhile, silver prices closed with significant gains. On Friday, the futures price of silver on MCX closed at Rs 1,83,100 per kilogram, an increase of 2.79 per cent or Rs 4,962.

Gold Saw a Rise This Week

On Friday, November 28, the futures price of gold closed at Rs 1,29,504 per 10 grams. On Friday, December 5, it closed at Rs 1,30,462 per 10 grams. Thus, gold prices saw a rise of Rs 958 per 10 grams this week.

Silver Jumped by Rs 8,427

On Friday, November 28, the domestic futures price of silver on MCX closed at Rs 1,74,981 per kilogram. On Friday, December 5, it closed at Rs 1,83,408 per kilogram. Thus, silver prices saw a rise of Rs 8,427 per kilogram this week.

What are the Expectations for Next Week?

A major event is scheduled for next week. On December 10, the US central bank, the Federal Reserve, will announce its decision on key interest rates. The market has high expectations that the US Fed might cut rates this time. A cut in the key interest rate would reduce the opportunity cost of holding gold, potentially leading to increased buying. Consequently, prices could see an upward trend.

Spot Price of Gold

Regarding domestic spot prices of gold, according to Good Returns, on Saturday, December 6, the price of 24-carat gold is Rs 1,30,300 per 10 grams. The price of 22-carat gold is Rs 1,19,450 per 10 grams. The price of 18-carat gold is Rs 97,760 per 10 grams.