Overview
- Spot gold recovered on Monday, rising above $4,100 an ounce and lifting MCX gold futures to about ₹1,43,750 per 10 grams while silver also climbed on the same session.
- Crude oil weakness and a softer US dollar helped push international bullion higher, and continued central‑bank buying, notably by China, provided structural support for prices.
- Stronger US labour data kept volatility high, with October unemployment near 4.1% reinforcing market expectations of a possible Federal Reserve rate hike in December.
- Domestic factors limited relief for consumers because India raised effective import duties to 15% in May and a weaker rupee and dealer premiums raised landed costs for jewellery buyers.
- Market forecasts point to upside risk — JP Morgan projects gold could approach $6,000 an ounce by year‑end as traders await US CPI and PPI prints that will heavily influence near‑term direction.