Gold price today : India Gold December Futures rose on November 2 following the positive trend seen in the international spot prices while Silver prices rose more than 1 percent after closing in the red in the week gone by.
On the Multi-Commodity Exchange (MCX), December gold contracts were trading higher by 0.09 percent at Rs 50,745 per 10 gram at 0920 hours. December silver futures were trading 1.1 percent higher at Rs 61,580 per kg.
Both the precious metals plunged last week in a roller coaster move. Gold slipped 1.33 percent and settled at $1878.70 per troy ounce and silver also dips 3.97 percent and settled at $23.71 per troy ounce in the international markets.
Despite weakness in the rupee, both the precious metals were also settled on a weaker note in the domestic market. Gold settled at 50699 per 10 gram while silver settled at 60865 per one kilogram with a loss of more than 2 percent for the week.
The dollar index gained more than 1 percent which pushed global commodities lower.
Uncertainty over US Presidential elections also pushed pressure on the precious metal prices and investors moved towards safe-haven buying in the dollar, suggest experts.
“US stimulus hopes and rising coronavirus cases in the US and EU supported prices at lower levels. We expect both the precious metals remain highly volatile this week amid US Presidential elections, volatility in the dollar index and rising coronavirus cases and fear of lockdown in most of the European countries,”.
MCX Gold has support at 50330-50000, and resistance is seen at 50920-51220 levels. Silver has support at 60000-59500 and resistance at 61600-62300 levels. We expect both sides to move in both the precious metals and suggest to trade with strict stop losses,” he said.
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COMEX gold trades little changed near $1880/oz after a 0.6% gain in the previous session. Gold trades mixed as support from rising virus cases and the prospect of additional stimulus measures is countered by firmer US dollar and ETF outflows.
Gold may remain directionless ahead of the outcome of the US election however general bias may be on the upside amid expectations of additional stimulus.