Purbalee Dutta 
On November 28, the spot price of gold for 24-carat purity hovered slightly above $4,157 per ounce as of 12:15 a.m. IST, down around 0.15% from the previous close, following gains triggered by optimism over a potential U.S. Federal Reserve interest rate cut. According to the CME FedWatch Tool, the likelihood of the Fed reducing rates by 25 basis points to 3.50–3.75% in its December policy meeting has surged to 86.9% from 39.1% a week ago.
The Augmont Bullion report on November 27 suggested that gold would need a strong catalyst to surpass $4,200, with the next resistance seen at $4,245 (approximately Rs 127,800). If the momentum fades, prices could retreat to $4,100 (around Rs 123,000).
On the domestic front, December gold futures on MCX closed Thursday at Rs 1,25,507 per 10 grams, down 0.21%, after fluctuating between Rs 1,25,132 and Rs 1,25,682 during the day. The physical gold rate stood at Rs 1,26,057 per 10 grams of 999 purity, a 0.20% decline in 24 hours.
Meanwhile, silver remains resilient, trading just above $53 per ounce, with MCX December silver futures closing at Rs 1,67,190 per 10 grams, up 1.37% from Rs 1,64,945.
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