Gold price today: Rates rise on dollar's weakness; key MCX levels to watch

Gold price today: Rates of gold and silver inched up in early deals on Thursday (November 6) on the dollar's weakness, but gains were limited on fading expectations of another US Fed rate cut this year after a stronger-than-expected US jobs data. MCX Gold December futures were 0.14 per cent up at ₹1,20,687 per 10 grams around 9:15 am. MCX Silver December contracts were 0.06 per cent up at ₹1,47,411 per kg at that time.

The dollar index eased about 0.20 per cent but stayed above the 100 mark, just below its four-month high level. The US 10-year yields also stayed just below their highest level in nearly a month.

The dollar and US benchmark bond yields steadied as stronger-than-expected private US payrolls data weighed on expectations of further rate cuts by the US Fed this year.

As Reuters reported, the ADP employment report on Wednesday showed that the US private employment rose by 42,000 jobs in October, significantly above Reuters' estimate of a 28,000 increase.

Manoj Kumar Jain of Prithvifinmart Commodity Research 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.

Jain expects gold and silver prices to remain volatile this week, amid volatility in the dollar index, global financial markets, and ahead of the US non-farm employment data.

"Gold is expected to trade in the range of $3,870 and $4,140 per troy ounce and silver is expected to trade in the range of $46.50 and $50.50 per troy ounce this week," said Jain.

Experts highlight key levels to watch

According to Jain, gold has support at $3,960 and $3,935, while resistance is at $4,022 and $4,045 per troy ounce. Silver has support at $47.70 and $47.30, while resistance is at $48.40 and $48.84 per troy ounce in today’s session.

MCX Gold has support at ₹1,19,900 and ₹1,19,350, and resistance is at ₹1,21,100 and ₹1,21,650, while silver has support at ₹1,46,000 and ₹1,44,400, and resistance at ₹1,48,500 and ₹1,49,400, said Jain.

According to Rahul Kalantri, VP of commodities at Mehta Equities, 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, 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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