Gold, silver rally up to 2% on softer crude, weaker US dollar
Synopsis
Gold and silver resumed their gap-up rally on Monday, with MCX silver outpacing gold — surging 2.32% to ₹1,89,399 per kg — even as a likely December Fed rate hike looms. The divergence between hawkish US monetary signals and rising bullion prices reveals how geopolitical risk and a softer dollar are overriding the traditional rate-gold inverse.
Key Takeaways
MCX gold hit an intraday high of ₹1,44,400 per 10 grams on 9 November 2026 , up 1.29% .
MCX silver surged as much as 2.32% to ₹1,89,399 per kg , outperforming gold.
COMEX gold advanced around 1% to $4,130 ; COMEX silver climbed 2% to $53.10 .
Rally driven by softer crude oil prices, a retreating US dollar , and post- US midterm election sentiment.
Experts flag US Treasury yields and an expected December Fed rate hike as key risks that could limit further gains.
Key MCX gold resistance at ₹1,46,000 ; silver resistance at ₹1,96,000 .
Gold and silver prices surged up to 2% on Monday, 9 November 2026, as softer crude oil prices, a retreating US dollar, and improving investor sentiment gave fresh momentum to bullion markets. The move marks a resumption of the gap-up rally that had paused in recent sessions.
MCX Price Movements
On the Multi Commodity Exchange (MCX), gold futures (December 4) climbed as much as 1.29% or ₹1,848, touching an intraday high of ₹1,44,400 per 10 grams. Around 12:55 pm IST, gold was trading at ₹1,43,700, up ₹1,148 or 0.81% from its previous close.
Silver futures (December 4) outperformed, gaining as much as 2.32% or ₹4,299 to hit an intraday high of ₹1,89,399 per kg. The white metal was last seen trading at ₹1,86,840 per kg, up ₹1,740 or 0.94%.
What Drove the Rally
Commodity market experts attributed the bullion surge to a combination of macro tailwinds. Softer crude oil prices eased near-term inflation concerns, while a modest pullback in the US dollar made dollar-denominated metals cheaper for overseas buyers. The rally gained additional impetus following the US midterm elections, even as stronger-than-expected October job growth and a dip in US unemployment to 4.1% reinforced market expectations of a December rate hike by the US Federal Reserve, according to experts.
Notably, the resilience of bullion in the face of a hawkish Fed outlook underscores the role of geopolitical risk premiums — particularly ongoing Russia-Ukraine peace talks — in underpinning prices.
International Markets
On the global front, COMEX gold advanced around 1% to nearly $4,130, while COMEX silver climbed approximately 2% to $53.10, with silver again outpacing its yellow counterpart — a trend experts say reflects industrial demand optimism alongside safe-haven buying.
Technical Levels to Watch
Experts outlined key support and resistance zones for traders. MCX gold has immediate support at ₹1,43,000–₹1,43,700 and resistance at ₹1,45,300–₹1,46,000. A sustained move above ₹1,46,000 could extend the recovery, while a decisive break below ₹1,43,000 may expose the metal to further downside.
For MCX silver, immediate support lies at ₹1,86,000–₹1,88,000, with resistance at ₹1,94,000–₹1,96,000. 'A sustained move above ₹1,96,000 could extend the rally, while a break below ₹1,86,000 may trigger a retreat towards ₹1,80,000,' experts noted.
Near-Term Outlook
The near-term outlook for both precious metals remains cautiously constructive, according to analysts. However, elevated US Treasury yields and the anticipated December Fed rate hike could cap further gains. Investors are advised to monitor US inflation data, Federal Reserve signals, crude oil movements, and geopolitical developments in Eastern Europe for directional cues. Meanwhile, easing US-Iran tensions have kept crude under pressure by reducing fears over potential supply disruptions, adding a secondary layer of support for bullion sentiment.
Point of View
Imminent rate hikes dampen gold's appeal as a non-yielding asset — yet both gold and silver are climbing, signalling that the geopolitical risk premium and dollar fatigue are currently stronger forces than US monetary policy orthodoxy. Silver's consistent outperformance also hints at industrial demand confidence that pure safe-haven narratives do not fully explain. Retail investors in India, where gold buying is structurally deep-rooted, should note that at ₹1,44,400 per 10 grams, prices are at elevated levels where technical resistance is thick — discipline on entry points matters more than chasing momentum.
NationPress
9 Nov 2026
Frequently Asked Questions
Why are gold and silver prices rising today?
Gold and silver prices rose on 9 November 2026 due to softer crude oil prices easing inflation concerns, a modest retreat in the US dollar, and improved investor sentiment following the US midterm elections. Geopolitical developments, including Russia-Ukraine peace talks, also supported safe-haven demand.
What are today's MCX gold and silver prices?
MCX gold futures hit an intraday high of ₹1,44,400 per 10 grams, up 1.29%, while MCX silver touched ₹1,89,399 per kg, up 2.32%, on 9 November. At last count, gold was at ₹1,43,700 and silver at ₹1,86,840.
How is gold performing on international markets today?
COMEX gold advanced around 1% to nearly $4,130, while COMEX silver climbed approximately 2% to $53.10, with silver outperforming gold on global exchanges as well.
Could the expected US Fed rate hike in December limit gold's gains?
Experts say yes — elevated US Treasury yields and expectations of a December Federal Reserve rate hike could cap further upside for bullion. The near-term outlook is described as cautiously constructive, with US inflation data and Fed signals as key variables to watch.
What are the key support and resistance levels for MCX gold and silver?
For MCX gold, immediate support is at ₹1,43,000–₹1,43,700 and resistance at ₹1,45,300–₹1,46,000. For MCX silver, support sits at ₹1,86,000–₹1,88,000 and resistance at ₹1,94,000–₹1,96,000, according to commodity market experts.
