Gold posted its strongest weekly gain since August, surging nearly 4.5%, while crude oil suffered its steepest weekly decline since April 2020, tumbling more than 12%, as markets responded to hopes of policy shifts following the US midterm elections. Concerns over the global artificial intelligence sector drove sharp capital rotation from equities to commodities, amplifying bullion's rally through the week.

Gold and Silver Prices on Friday

On Friday, MCX gold futures expiring in December declined 1.20%, while MCX silver futures for December edged up 0.10%. Gold futures stood at ₹1,42,364, while silver futures were quoted at ₹1,84,977 per kg.

The price of 10 grams of 24-carat gold stood at ₹1,41,452 on Friday, up from ₹1,40,054 at last week's close, according to data published by the India Bullion and Jewellers Association (IBJA). Gains pulled back from intraday highs after a stronger-than-expected US employment report lifted the dollar and Treasury yields, restoring downward pressure on precious metals toward week's end.

Crude Oil's Steepest Slide Since April 2020

WTI crude retreated from above $104–$105 a barrel to around $90, while Brent eased to the $97–$98 range. Both benchmarks posted weekly declines of more than 12% — the sharpest drop in over four years — on renewed optimism that the post-election political landscape could usher in a softer energy policy stance.

Fed Outlook and US Jobs Data Shift Sentiment

The Federal Reserve left interest rates unchanged at its October meeting, but subsequent remarks by two officials favouring further gradual rate increases to contain persistent inflation raised expectations of additional monetary tightening. Those expectations were reinforced by the October US nonfarm payrolls report, released on Friday, which showed jobs rising by 165,000 — well above the market consensus of 65,000. The unemployment rate edged down to 4.1% from 4.2%.

The surprise beat pushed the implied probability of a December rate hike to around 81%. US Treasury yields moved higher in response, with the 10-year yield approaching 4.88%, and the dollar strengthened, renewing downward pressure on precious metals into the close.

India Physical Demand and Technical Levels to Watch

Lower international gold prices drew physical buying in India ahead of Diwali, analysts noted. Nevertheless, expectations of further Fed tightening and higher borrowing costs continued to limit the sustainability of bullion's recovery, they added.

On the technical front, analysts placed immediate resistance for MCX Gold at ₹1,43,000–₹1,43,700, with immediate support in the ₹1,41,000–₹1,40,000 zone. For MCX Silver, immediate resistance stands at ₹1,86,000–₹1,88,000, with the support zone at ₹1,78,000–₹1,80,000.

With the Fed's December meeting now firmly in focus and global AI-sector uncertainty persisting, commodity markets are likely to remain volatile in the sessions ahead.