Gold and silver prices declined in morning trade on Tuesday (November 4) as a stronger US dollar and fading hopes of another Federal Reserve rate cut weighed on investor sentiment.
At 9:10 AM, MCX Gold December futures were down 0.42% at Rs 1,20,894 per 10 grams, while MCX Silver December contracts fell 0.48% to Rs 1,47,050 per kg.
The US dollar index rose by 0.20% to 100.05, marking its highest level in over three months. A stronger dollar typically makes gold more expensive for investors using other currencies, lowering its demand.
“We suggest buying gold on dips around Rs 1,20,650 with a stop loss of Rs 1,19,900 for a target of Rs 1,22,000,” said Manoj Kumar Jain, Prithvifinmart Commodity Research.
Key MCX Levels (Today)
| Metal | Support Levels | Resistance Levels |
|---|---|---|
| Gold (MCX) | Rs 1,20,800 / Rs 1,20,120 | Rs 1,22,000 / Rs 1,22,750 |
| Silver (MCX) | Rs 1,46,600 / Rs 1,45,800 | Rs 1,48,800 / Rs 1,49,500 |
Global Prices (COMEX)
-
Gold: $4,003.70 per ounce (↓0.26%)
-
Silver: $47.89 per ounce (↓0.34%)
Experts say the next cues will come from US employment data (Wednesday) and jobless claims (Thursday).
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