Gold price today: Rates fall almost 1% on dollar’s rise; experts highlight key levels for MCX Gold rate
Gold price today: Gold rates dipped nearly 1% in the domestic futures market on Monday as the US dollar strengthened. Investors are anticipating US economic data and Federal Reserve remarks to guide their understanding of interest rate trends.
Gold price today: Gold rates declined almost a per cent in the domestic futures market in the morning session on Monday, November 11, as the US dollar remained firm. Investors are awaiting US macroeconomic data and comments from Federal Reserve officials this week to get further cues on the US interest rate trajectory. MCX Gold for December 5 expiry traded 0.72 per cent down at ₹76,714 per 10 grams at 11:40 am.
In international markets, gold prices fell for a second session in a row on Monday.
Gold prices lack fresh triggers at this juncture, and there is much uncertainty about the path of interest rates, the impact of Donald Trump's victory, and its potential impact on US policies and interest rate trends.
Trump's return to the US presidency has sparked speculation that his policies could fuel inflation and possibly slow the pace of rate cuts.
“Gold prices registered their worst week in more than five months on Friday as Donald Trump's victory in the US presidential election has raised the prospect of higher tariffs, which could keep interest rates elevated,” reported Reuters.
Experts' strategy for MCX Gold
Rahul Kalantri, VP of commodities at Mehta Equities, pointed out that gold and silver declined due to a rebound in the dollar index.
"US consumer sentiment surged to 73, exerting additional downward pressure on precious metal prices. Furthermore, the Chinese central bank's decision to pause gold purchases for six months, effective from October, as per official data released last week, has also contributed to the decline. The uncertainty triggered by Donald Trump’s victory in the US Presidential elections has added to the volatility in global financial markets, prompting market participants to book profits on their long positions in gold and silver," said Kalantri.
"This week, the US inflation data release is expected to provide further direction to the bullion markets. However, the overall long-term trend for both gold and silver remains bullish. Gold has support at $2,650–2,634, with resistance at $2,682–2,698. Silver has support at $31.00–30.80, while resistance lies between $31.45–31.65. In INR terms, gold has support at ₹77,020–76,750, with resistance at ₹77,480–77,710. Silver has support at ₹90,680–89,850, with resistance at ₹91,840–92,480," Kalantri said.
Manoj Kumar Jain of Prithvifinmart Commodity Research pointed out that gold trades near its major support level of $2,692. If the precious metal slips below this level, it could show further weakness in the upcoming sessions. However, the overall long-term trend of gold and silver remains bullish.
"Gold has support at $2,680-2,664, while resistance at $2,716-2,734 per troy ounce and silver has support at $31.10-30.80, while resistance is at $31.74-32.05 per troy ounce in today’s session. On the MCX, gold has support at ₹77,000-76,620 and resistance at ₹77,500-77,750, while silver has support at ₹90,450-89,600 and resistance at ₹91,850-92,600. We suggest selling gold on the rise around ₹77,600 with a stop loss of ₹77,880 for the target of ₹77,000," said Jain.
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