Gold and silver prices edged higher in the domestic futures market on Monday, November 3, supported by a weaker dollar and improved spot demand. At around 9:10 a.m., MCX Gold December futures rose 0.39% to ₹1,21,708 per 10 grams, while MCX Silver December contracts gained 0.69% to ₹1,49,307 per kg.
Both metals saw short covering after recent corrections, as expectations for additional U.S. Federal Reserve rate cuts weakened following Chair Jerome Powell’s hawkish comments. The Fed recently reduced rates by 25 basis points to 3.75–4.00%, but Powell signaled no cuts in December. The dollar index slipped 0.10%, providing support to gold.
Spot gold prices have fallen over ₹9,400 (7%) in two weeks, while silver dropped nearly ₹22,000 (13%) amid profit booking and easing trade tensions. MCX Gold is now about 8% below its October 17 record of ₹1,32,294 per 10 grams.
Analysts suggested buying on dips: gold near ₹1,20,400 and silver around ₹1,47,000, targeting ₹1,22,000 and ₹1,50,000 respectively. Resistance levels are seen around ₹1,22,700 for gold and ₹1,51,500 for silver, with limited upside in the near term.