Gold prices increased by ₹962 per 10 grams to ₹1,26,081 on Wednesday against the previous close of ₹1,25,119, following the bullish trend in the global markets and rupee depreciation against the dollar.
The yellow metal prices have been on the up trend and gained ₹3,520 per 10 grams in the last three trading sessions, according to Indian Bullion and Jewellers Association data.
In the global markets, gold prices increased over one per cent to a near two-week high on the back of benign US economic data, raising expectations of a Federal Reserve interest rate cut next month. A cut in Fed rate supports investors interest in non-yielding bullion.
Spot gold was up one per cent at $4,172 an ounce, the highest since November 14. US gold futures for December delivery were up 0.7 per cent at $4,169 an ounce.
Bad jobs market
Prithviraj Kothari, President, India Bullion and Jewellers Association and Managing Director, RiddiSiddhi Bullions, said gold prices are moving up on hopes of Fed rate cut bets after dovish remarks from Fed governors rekindled hopes of a US rate cut in December, reaching their recent high despite a strong dollar.
Fed Governor Christopher Waller said on Tuesday that the employment market is bad enough to justify another quarter-point rate decrease in December, but further action would rely on an impending flood of data that has been delayed by the government shutdown, he said.
Gold has been trading in the range of $4,000 (₹1,21,000) and $4,200 (₹1,27,000). Buy on dips around support and sell on rallies around resistance, he said.
Rahul Kalantri, VP Commodities, Mehta Equities, said the recent dovish remarks from Fed officials have further pushed market pricing for a 25 bps cut to over 80 per cent.
Chinese imports slip
Meanwhile, the dollar index slipped below 100, lending additional support to bullion. However, upside momentum in gold was limited amid easing geopolitical risk after Ukrainian authorities reportedly agreed to a roadmap to end the conflict with Russia, he said.
On the physical front, Kedia Commodities said China’s gold imports via Hong Kong fell sharply, dropping 64 per cent in October, while imports via Hong Kong totalled to 30 tonnes, down 17 per cent on the month.
Swiss gold exports to China also plunged 93 per cent as record-high prices curbed demand. China’s VAT adjustment for gold purchases from November 1 is expected to raise costs for jewellery and industrial buyers, although the PBOC continued its buying streak for the 12th consecutive month, lifting reserves to 74.09 million ounces, it said.
Published on November 26, 2025
