Gold price traded slightly lower in the domestic market on Monday, November 3, supported by a softer US dollar and healthy physical buying in the spot segment. On the Multi Commodity Exchange (MCX), Gold December futures gained 0.39% to Rs. 1,21,708 per 10 grams, while Silver December contracts advanced 0.69% to Rs. 1,49,307 per kilogram.
Analysts noted that gold is witnessing short covering after last week’s decline, with festive demand and weaker currency trends providing support to prices. The softer dollar is improving investor appetite for bullion.
In Mumbai, gold prices edged lower. The price of 24-carat gold fell to Rs. 12,299 per gram from Rs. 12,300 a day earlier, a change of only Rs. 1, while 10 grams traded at Rs. 1,22,990 compared to yesterday’s Rs. 1,23,300.
Similarly, 22-carat gold slipped to Rs. 11,274 per gram from Rs. 11,275, with the 10-gram price easing to Rs. 1,12,740 from Rs. 1,12,750.
In Chennai, gold prices also decreased. The price of 24-carat gold declined to Rs. 12,337 per gram from Rs. 12,338 the previous day, while 10 grams fell to Rs. 1,23,370 from Rs. 1,23,380.
22-carat gold also decreased to Rs. 11,309 per gram from Rs. 11,310, and for 10 grams the price declined to Rs. 1,13,090 to Rs. 1,13,100.
Globally, gold prices eased slightly on Monday as investors scaled back expectations for further US Federal Reserve rate cuts following hawkish comments from Chair Jerome Powell. Easing US-China trade tensions also weighed on safe-haven demand.
Spot gold slipped 0.8% to $3,968.76 per ounce, while US gold futures (December) fell 0.5% to $3,978.30 per ounce. Spot silver was down 0.5% at $48.41 per ounce, platinum eased 0.1% to $1,566.40, and palladium dropped 0.6% to $1,424.88.
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Market experts believe the overall outlook for gold remains constructively bullish as long as prices hold above Rs. 1,20,800 per 10 grams. Key resistance for MCX gold is seen around Rs. 1,22,200-Rs. 1,22,500, while silver could face supply pressure near Rs. 1,50,000 per kg.
They added that central bank policy cues, geopolitical developments, and domestic buying will continue to guide price action in the near term. Dips in prices are expected to attract renewed buying interest from both investors and retail participants.