Gold price today: Rates climb on positive global cues, dollar’s decline; experts highlight key MCX levels to watch
Gold price today: The rates of gold and silver rose on the MCX on Friday morning (November 7), tracking positive global cues and the dollar’s decline against its peers. MCX Gold December futures were 0.27 per cent up at ₹1,20,939 per 10 grams at 9:15 am, while MCX Silver December futures were 0.60 per cent up at ₹1,47,938 per kg at that time.
International gold prices rose as private-sector job reports raised expectations of another US Federal Reserve rate cut in December. The US government shutdown, which began on 1 October and is now the longest in US history, also boosted demand for safe havens.
Meanwhile, the dollar index declined below the 100 mark, which also influenced gold prices. The dollar’s weakness makes gold more affordable in overseas currencies, potentially increasing its demand.
“Gold and silver are facing steep resistance at higher levels, but are also holding their key support levels. The dollar index has slipped from three-month highs, and uncertainty on the ending of the US shutdown could support safe-haven buying for precious metals. Geopolitical tensions are also supporting precious metal prices,” Manoj Kumar Jain of Prithvifinmart Commodity Research, noted.
Jain pointed out that gold is holding its make-or-break level of $3,870, and silver is also holding its support level of $46.50 per troy ounce on a closing basis.
He expects gold and silver prices to remain volatile in today’s session amid volatility in the dollar index, global financial markets and uncertainty on the ending US shutdown.
“Gold is expected to trade in the range of $3,922 and $4,054 per troy ounce and silver is expected to trade in the range of $47 and $48.84 per troy ounce in today’s session,” said Jain.
Gold and silver: Key levels to watch
According to Jain, gold has support at $3,960 and $3,922, while resistance is at $4,028 and $4,054 per troy ounce. Silver has support at $47.50 and $47, while resistance is at $48.40 and $48.84 per troy ounce in today’s session.
MCX Gold, as per Jain, has support at ₹1,20,000 and ₹1,19,400 and resistance at ₹1,21,200 and ₹1,21,850, while silver has support at ₹1,46,100 and ₹1,45,000 and resistance is at ₹1,48,200 and ₹1,49,400.
“We expect range-bound trade in gold and silver, and if gold prices are able to give a breakout above ₹1,21,750 on a closing basis and silver prices are able to give a breakout above ₹1,50,000 on a closing basis, we could start a fresh upside rally in the upcoming sessions,” said Jain.
Rahul Kalantri, VP of commodities at Mehta Equities, said gold has support at $3,930 and $3,900, while resistance is at $4,025 and $4,055. Silver has support at $47.50 and $47.15, while resistance is at $48.35 and $48.70.
In INR, Kalantri said gold has support at ₹1,19,870 and ₹1,19,280 while resistance is at ₹1,21,090 and ₹1,21,600. Silver has support at ₹1,46,450 and ₹1,45,750, while resistance is at ₹1,48,340 and ₹1,49,280.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
