MCX Gold Futures Rebound Over Rs 1,300 to Touch Rs 1,37,587 Intraday High Amid Bargain Buying
Gold prices on India's Multi Commodity Exchange (MCX) witnessed a modest recovery on Friday, November 13, 2026, as bargain hunters and technical buyers stepped in after bullion tumbled to multi-month lows in the preceding session.
During morning and afternoon trade, MCX gold futures rose by as much as Rs 1,362, or 1%, hitting an intraday peak of Rs 1,37,587 per 10 grams. However, the yellow metal could not sustain its peak levels and remained beneath the Rs 1.37 lakh threshold. By midday, the contract was trading higher by Rs 455, or 0.33%, at Rs 1,36,680 per 10 grams.
In contrast, silver continued to face selling pressure on the domestic bourse. MCX silver futures declined by Rs 750, or 0.42%, to trade at Rs 1,77,974 per kg, after sliding as much as Rs 1,596, or 0.9%, to hit an intraday low of Rs 1,77,128 per kg.
Drivers Behind the Bullion Rebound
The recovery in domestic gold prices mirrors a tentative pullback in international markets. On Thursday, global bullion tumbled nearly 3% as stronger-than-expected US inflation data fueled market expectations that the US Federal Reserve could deliver additional interest rate hikes in December and early 2027. The resulting bond rout had sent the US 10-year Treasury yield above 5% and lifted the US dollar, sapping appetite for non-yielding assets.
On Friday, a slight moderation in US Treasury yields, alongside mild softening in the US dollar index, offered room for oversold precious metals to mount a technical rebound. On COMEX, spot gold ticked up 0.2% to hover near $3,893 per ounce.
Key Domestic and Global Price Levels:
- MCX Gold Intraday High: Rs 1,37,587 per 10 grams (up Rs 1,362 or 1%)
- MCX Gold Midday Level: Rs 1,36,680 per 10 grams (up Rs 455 or 0.33%)
- MCX Gold Previous Close: Rs 1,36,225 per 10 grams (down 2.5% on Thursday)
- MCX Silver Midday Level: Rs 1,77,974 per kg (down Rs 750 or 0.42%)
- COMEX Gold: $3,893 per ounce (up 0.2%)
- COMEX Silver: $50.065 per ounce (flat)
Expert View and Market Outlook
Market analysts noted that currency movements are playing a key role in insulating domestic precious metal prices from deeper global declines.
“MCX gold is outperforming MCX silver today. A slightly weaker rupee lifts domestic prices of both metals, but gold's bounce from its fresh low is stronger,” said Ponmudi R, Chief Executive Officer of Enrich Money. He noted that Thursday's bond selloff, which pushed the US 10-year yield above 5% and drove the dollar higher, had knocked international gold down by about 2.8%, paving the way for value-buying at lower levels.
What It Means for Indian Investors
For Indian retail consumers and jewellery buyers, the sharp volatility across bullion counters highlights ongoing macroeconomic uncertainty. Although physical retail 24-karat gold settled around Rs 1,36,820 per 10 grams and 22-karat gold traded near Rs 1,25,418 per 10 grams in early morning physical quotes, price swings on MCX indicate that markets remain sensitive to US monetary policy cues.
Investors holding gold exchange-traded funds (ETFs) and sovereign bullion instruments should monitor support levels around Rs 1.36 lakh per 10 grams, as upside momentum hinges on sustained dollar softening and clearer signals regarding global interest rate trajectories.
