Gold prices continued their upward march on Thursday (November 13), with both domestic and international markets reflecting strong investor appetite amid renewed expectations of US interest rate cuts and persistent geopolitical concerns.
In India, the price of 10 grams of gold reached ₹1.27 lakh, rising by ₹2,290 from the previous day as demand stayed firm and global cues remained supportive.
Globally, spot gold climbed 0.4% to $4,214.52 per ounce at 0521 GMT, while US gold futures for December delivery edged up 0.1% to $4,218.20 per ounce, marking the highest level since October 21.
Analysts said the latest surge is being fuelled by expectations that the US Federal Reserve may soon start easing monetary policy, alongside a weaker dollar.
“Gold is extending its winning streak driven by a weaker dollar, expectations of Federal Reserve rate cuts, and persistent central bank accumulation,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.
He added that the metal could see brief consolidation after the recent rally, but “the broader outlook remains constructive,” noting that prices may attempt to test levels above $4,300 per ounce by year-end if real yields remain subdued.
The move in gold also comes after US President Donald Trump signed legislation to end the longest government shutdown in the country’s history, which began on October 1. The reopening is expected to resume the flow of key economic indicators — including payroll and inflation data — ahead of the Federal Reserve’s December meeting.
A Reuters poll showed 80% of economists expect the Fed to cut its key interest rate by 25 basis points next month to support a softening labour market.
Lower interest rates typically favour gold, a non-yielding asset, as investors seek safety during periods of economic uncertainty. Year-to-date, gold prices have surged nearly 60%, touching an all-time high of $4,381.21 per ounce on October 20, supported by geopolitical tensions, trade disruptions, and increased expectations of monetary easing.
