Gold and silver prices surged in Friday’s futures trade, supported by strong global cues and strengthening expectations that the US Federal Reserve may implement a rate cut next month. The improved sentiment helped drive prices across major domestic markets, including Kolkata, where the upward trajectory mirrored national and international movements.
In Kolkata, 22k gold was priced at Rs 11,775 per gram on Friday, while 24k gold touched Rs 12,846 per gram. These levels reflected the broad momentum seen across metros as investors digested global economic signals and recalibrated expectations around US monetary policy.
On the MCX, December gold futures rose Rs 596 (0.47 per cent) to settle at Rs 1,26,100 per 10 grams in a turnover of 4,496 lots. The February contract saw a sharper climb of Rs 669 (0.52 per cent) to Rs 1,28,336 per 10 grams across 10,370 lots.
Silver extended its gains as well, with the December contract advancing Rs 1,183 (0.73 per cent) to Rs 1,63,650 per kg. The March 2026 contract surged Rs 1,373 (0.83 per cent) to Rs 1,67,360 per kg amid a turnover of 15,578 lots.
Rahul Kalantri of Mehta Equities Ltd said Thursday’s mixed domestic trade was due to the US Thanksgiving holiday muting external cues. However, Friday saw stronger global demand feeding directly into Indian markets.
Kolkata Rates Mirror National Trend
Gold prices across major Indian cities on November 28 moved in a tight range. Rates for 22k gold stood between Rs 11,775 and Rs 11,840 per gram nationwide, while 24k gold ranged from Rs 12,846 to Rs 12,916 per gram. Kolkata’s pricing matched that of Bengaluru, Mumbai, Hyderabad, and several other metros.
International markets maintained their upward trajectory. Comex gold futures for December delivery climbed $22.2 (0.53 per cent) to $4,187.4 per ounce. Silver displayed stronger momentum, rising 1.71 per cent to $53.82 an ounce after hitting an intraday high of $54.23.
Kalantri noted that gold in the Asian session edged close to $4,190, while silver moved firmly above $54, approaching new lifetime highs.
According to Jigar Trivedi of Reliance Securities, gold now trades near its highest level in five weeks, driven by robust expectations of a December Fed rate cut. He said softer economic data and dovish commentary from Fed policymakers have strengthened the conviction that easing is imminent.
Bullion Heads Toward Historic Annual Gains
Market expectations continue to evolve rapidly. Investors now place more than an 80 per cent probability on a 25-basis-point rate cut next month, up sharply from 30 per cent a week earlier. Markets also foresee three more rate cuts by end-2026. Kevin Hassett, seen as a possible successor to Jerome Powell, has backed calls for a rate cut, reinforcing sentiment further.
Trivedi said gold is on track to mark its best annual performance since 1979, bolstered by strong central-bank buying and sustained interest from non-sovereign investors through ETFs.
