Gold price today: Inflation concerns lift demand for safe haven

Gold and silver prices witnessed a recovery on November 13 after suffering a sharp sell-off in the previous session. However, the rebound in precious metals remains cautious as rising crude oil prices, escalating tensions in the Middle East and expectations of tighter US monetary policy continue to influence investor sentiment.

In international markets, spot gold was trading at $3,923 per ounce, up 0.99%, while silver gained 0.70% to $50 per ounce. On the Multi Commodity Exchange (MCX), gold futures rose 0.87% to ₹1,37,404 per 10 grams, while silver futures were up 0.41% at ₹1,79,460 per kg.

Gold had fallen nearly 3% in the previous session. The yellow metal is also down around 4.4% so far this week, highlighting the volatility in bullion markets.

Why are gold and silver prices recovering?

According to Amit Gupta, Senior Research Head at Kedia Advisory, the recovery in gold comes amid persistent inflation concerns, fuelled by rising crude oil prices and escalating Middle East tensions. Recent attacks on Saudi energy infrastructure and disruptions to shipping through the Strait of Hormuz have added to concerns over energy supplies and inflation.

US President Donald Trump's remarks that Washington does not need a deal with Iran have further reduced hopes of an early resolution to the conflict.

Meanwhile, uncertainty over the US Federal Reserve's next policy move is keeping investors cautious. Markets are pricing in an 85% probability of a 25-basis-point rate hike in December. The dollar index has also stretched to 103, putting additional pressure on bullion and other metals, as a stronger dollar makes dollar-denominated commodities more expensive for overseas buyers.

Gold and silver: Key support and resistance levels

Gupta sees international gold support at $3,880. If prices sustain above this level, gold could move towards 3,940–3,960. On MCX, support is placed at ₹1,36,000, with upside targets of ₹1,39,500–₹1,41,000.

For silver, international support stands at $49.20, while the upside targets are 51.20–52.50. On MCX, support is placed at ₹1,75,000, with targets of ₹1,82,000–₹1,86,000.