Silver's percentage gain at its intraday high exceeded gold's in India's December futures contracts Monday, with U.S. inflation data due before the Federal Reserve's next interest rate decision.
NDTV Profit reported that December silver futures on the Multi Commodity Exchange of India (MCX) reached ₹189,399 per kilogram, while December gold reached ₹144,400 per 10 grams. A separate market feed listed the same highs.
Silver's reported high was ₹4,299 above its previous close of ₹185,100, a gain of about 2.3%. Gold's reported high was ₹1,848 above its previous close of ₹142,552, or roughly 1.3%. Those percentages compare the contracts at their intraday highs, rather than at the end of trading.
By 1:28 a.m. ET (06:28 UTC), MCX quoted silver at ₹187,400 per kilogram and gold at ₹143,860 per 10 grams. Both were below their reported highs. The later readings were futures prices during trading, not closing prices or retail jewelry quotes. MCX contract specifications exclude India's goods and services tax from the quoted prices.
EconoTimes previously reported a 2% silver gain to $50.85 during the Nov. 4 session.
The Fed held its interest rate target range at 3.75% to 4% on Oct. 28 and said inflation was still high. Its next scheduled policy meeting is Dec. 8-9. Reuters reported that KCM Trade chief market analyst Tim Waterer expected a strong inflation reading to support the dollar and make a December rate increase more likely.
The U.S. Bureau of Labor Statistics (BLS) is scheduled to release the October consumer price index Tuesday, Nov. 10, at 8:30 a.m. ET (13:30 UTC).
