Precious metals experienced a cautious rebound on November 13, 2026, following a significant sell-off in the prior trading session. This recovery is largely attributed to persistent inflation concerns and heightened geopolitical tensions, which are pushing investors towards traditional safe-haven assets like gold and silver.
Precious Metals See Price Uptick
On the Multi Commodity Exchange (MCX), gold futures climbed by 0.87%, reaching ₹1,37,404 per 10 grams. Silver futures also saw an increase, rising 0.41% to ₹1,79,460 per kg. Internationally, spot gold traded up 0.99% at $3,923 per ounce, while silver gained 0.70% to $50 per ounce.
Despite this recovery, the rebound in bullion remains tempered by ongoing uncertainties, including rising crude oil prices, escalating conflicts in the Middle East, and expectations of a tighter monetary policy from the US Federal Reserve.
Inflationary Pressures and Geopolitical Dynamics
According to Amit Gupta, Senior Research Head at Kedia Advisory, the primary catalyst for the gold price recovery is persistent inflation, exacerbated by surging crude oil prices and intensified Middle East tensions. Recent attacks on Saudi energy infrastructure and disruptions to shipping routes, particularly through the Strait of Hormuz, have intensified global concerns over energy supplies and their inflationary impact.
Adding to the geopolitical uncertainty, US President Donald Trump's recent statements indicating that Washington does not require a deal with Iran have further dimmed hopes for a swift resolution to regional conflicts.
US Fed Policy and Dollar Strength
Investor sentiment also remains cautious due to uncertainty surrounding the US Federal Reserve's next policy moves. Markets are currently pricing in an 85% probability of a 25-basis-point rate hike in December. Concurrently, the dollar index has strengthened, pushing to 103. A stronger US dollar typically makes dollar-denominated commodities, such as gold and silver, more expensive for international buyers, potentially limiting their upside.
Key Support and Resistance Levels
For international gold, Gupta identifies a key support level at $3,880. If prices manage to hold above this, gold could target $3,940–$3,960. On the MCX, gold's support is placed at ₹1,36,000, with potential upside targets of ₹1,39,500–₹1,41,000.
Regarding silver, international support is noted at $49.20, with upside targets ranging from $51.20–$52.50. On the MCX, silver's support stands at ₹1,75,000, with targets projected at ₹1,82,000–₹1,86,000.