Gold price today: Rates rise amid softer dollar, healthy spot demand; experts highlight key levels for MCX gold, silver

Gold price today: The rates of gold and silver moved higher in the domestic futures market on Monday morning (November 3) amid weakness in the dollar and healthy spot demand. MCX Gold December futures traded 0.39 per cent higher at ₹1,21,708 per 10 grams, while MCX Silver December contracts were 0.69 per cent up at ₹1,49,307 per kg around 9:10 am.

Both gold and silver are witnessing some short covering after the recent correction, as the expectations of further US Fed rate cuts have weakened after Chair Jerome Powell's hawkish remarks last week.

The Fed cut interest rates by 25 basis points for the second time this year on October 29, bringing the benchmark overnight rate to a target range of 3.75% to 4.00%. However, Powell hinted there may be no rate cuts in December.

Meanwhile, the dollar's weakness supported the yellow metal, which has seen significant profit-booking of late. The dollar index eased by 0.10 per cent on some selling.

Domestic spot gold prices declined by nearly ₹9,400, or over 7 per cent per 10 grams, in the last two weeks. Silver has seen massive selling, as its prices have fallen by nearly ₹22,000, or 13 per cent per kg, during the same period.

Gold prices have seen profit booking over the last few days, as diminishing expectations for further US rate cuts and easing trade tensions following a US-China trade deal have led to a decline. MCX Gold prices are now down about 8 per cent from their record high.

The MCX Gold December futures contract hit its all-time high of ₹1,32,294 per 10 grams on Friday, October 17. On the same day, the MCX Silver December 2025 futures contract hit its all-time high of ₹1,70,415 per kg.

Gold and silver: Key levels to watch

Manoj Kumar Jain of Prithvifinmart Commodity Research said gold has support at $3,980 and $3,945, while resistance is at $4,054 and $4,084 per troy ounce.

Silver has support at $48.00 and $47.40, while resistance is at $48.84 and $49.50 per troy ounce in today’s session, Jain said.

According to Jain, MCX Gold has support at ₹1,20,600 and ₹1,19,800, and resistance is at ₹1,22,000 and ₹1,22,700, while silver has support at ₹1,47,000 and ₹1,45,500 and resistance at ₹1,50,000 and ₹1,51,500.

We suggest buying gold on dips around ₹1,20,400 with a stop loss of ₹1,19,350 for the target of ₹1,22,000, and also suggest buying silver around ₹1,47,000 and ₹1,46,000 range with a stop loss of ₹1,44,400 for the target of ₹1,50,000 and ₹1,51,500.

Jigar Trivedi, Senior Research Analyst at Reliance Securities, believes the MCX gold price for the December expiry may remain range-bound between ₹1,21,000 and ₹1,21,800 per 10 grams.

Rahul Kalantri, VP of commodities at Mehta Equities, said gold has support at $3,970 and $3,940, while resistance is at $4,045 and $4,075. Silver has support at $48.20 and $47.85, while resistance is at $49.10 and $49.50.

In INR, gold has support at ₹1,20,870 and ₹1,20,480, while resistance is at ₹1,21,890 and ₹1,22,300. Silver has support at ₹1,47,450 and ₹1,46,750 while resistance is at ₹1,49,340 and ₹1,50,280, said Kalantri.

Read all market-related news here

Read more stories by Nishant Kumar

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.