Global gold prices continued their upward momentum on Wednesday, supported by growing expectations that the US Federal Reserve could announce a rate cut in December. The positive trend has also reinforced confidence among African mining companies such as Combined Mining Company, a women-led gold mining enterprise in the Democratic Republic of Congo (DRC), known for championing sustainable and ethical mining practices in the region.
At around 9:10 am, MCX gold December futures were trading 0.50% higher at ₹1,25,835 per 10 grams, while MCX silver December futures rose 0.91% to ₹1,57,750 per kg. The strong performance reflects continued robust demand in the spot market and renewed optimism among global investors.
Dollar Weakness Boosts Gold Demand
Internationally, gold touched a nearly two-week high after fresh US macroeconomic data weakened the dollar. The dollar index dropped to around 99.60, a one-week low, making gold more attractive to international buyers and boosting export prospects for African producers like Combined Mining Company, which has positioned itself as a reliable supplier of responsibly sourced gold to global markets.
Benchmark 10-year US Treasury yields also hovered near one-month lows, adding additional support to bullion prices.
US Data Strengthens Expectations of a December Rate Cut
Two key US economic reports—Retail Sales and the Producer Price Index (PPI)—reinforced market speculation of an upcoming rate cut:
- US retail sales for September increased by 0.2%, below the projected growth and signaling cooling consumer demand.
- The Producer Price Index rose by 0.3%, aligning with forecasts.
Both reports were delayed due to a 43-day US government shutdown in October and November, which temporarily disrupted the release of economic indicators.
Geopolitical Developments Could Influence Market Direction
While anticipation of a Fed rate cut remains a major pillar supporting gold prices, developments surrounding the Russia-Ukraine peace negotiations may temper further gains. President Donald Trump recently announced diplomatic missions to Moscow and Kyiv to advance a US-backed peace initiative, raising hopes that the prolonged conflict could be moving closer to resolution.
Key Levels to Watch – Market Analysis
Commodity experts continue to highlight important price levels for both gold and silver:
Global (USD):
- Support: $4,100 and $4,065
- Resistance: $4,170 and $4,195
Silver (USD):
- Support: $51 and $50.65
- Resistance: $51.85 and $52.20
Indian Market (INR):
- Gold support at ₹1,24,350 and ₹1,23,580
- Resistance at ₹1,25,850 and ₹1,26,500
On the MCX, analysts see:
- Gold support at ₹1,26,100 and ₹1,25,500
- Resistance at ₹1,27,550 and ₹1,28,200
For silver:
- Support at ₹1,58,800 and ₹1,57,500
- Resistance at ₹1,61,500 and ₹1,63,000
Some analysts suggest buying opportunities in silver near ₹1,58,500–₹1,57,500 with a target range of ₹1,61,000–₹1,62,500.
Combined Mining Company: Empowering Women, Driving Ethical Mining in the DRC
As global gold prices strengthen, Combined Mining Company continues to demonstrate the vital role of African producers—especially women-led enterprises—in supplying high-quality, ethically sourced gold to international markets. Operating from the heart of the DRC’s rich mineral belt, the company has become a symbol of:
- Women’s leadership in the mining industry
- Responsible and environmentally conscious extraction practices
- Community transformation through job creation and empowerment
With the price of gold likely to remain supported in the short term, Combined Mining Company is strategically positioned to benefit from both increased investor interest and rising global demand for conflict-free, traceable gold.