November 5, 2025

Gold and silver took a hit again as the dollar showed its muscle, keeping prices under pressure. On Tuesday, gold opened at Rs 1,20,743 per 10 grams, down by Rs 666 or 0.55%. Silver December futures on MCX dropped Rs 1,323 or 0.9%, trading near Rs 1,46,435 per kilogram. The dollar index hit its highest in three months, pushing gold below the $4,000 mark once more. Gold December futures stayed steady near their resistance of Rs 1.21 lakh during the week, showing some fight. Silver prices also showed weakness as easing US-China trade tensions and fewer chances of a US interest rate cut made investors wary. Global gold slipped 0.4% to $3,983.87 an ounce, while US gold futures for December dropped 0.5% to $3,994.10. Last Monday, gold picked up slightly in India, settling at Rs 1,21,409 with a small 0.15% gain, but silver fell 0.36% to Rs 1,47,758 per kilogram. The dollar index (DXY) hovered near 99.97, gaining 0.10. This strong dollar, paired with Fed policy doubts and euro weakness, pushed gold and silver down. Manoj Kumar Jain of Prithvifinmart Commodity Research said, "Gold and silver bulls are also waiting for fresh fundamental triggers. However, global uncertainty, geopolitical tensions and central banks' buying are supporting gold and silver prices." He added that gold is holding a make-or-break level at $3,870, and silver is keeping its support at $46.50 per troy ounce. Jain expects both metals to stay volatile this week due to dollar index swings and global market jitters, especially ahead of US non-farm employment data. Jain forecasts gold to trade between $3,870 and $4,140 per troy ounce this week, while silver should stay in the $46.50 to $50.50 range. For MCX traders, Jain gave clear support and resistance levels: gold has support at Rs 1,20,800-1,20,120 and resistance at Rs 1,22,000-1,22,750. Silver’s support lies at Rs 1,46,600-1,45,800 and resistance at Rs 1,48,800-1,49,500. His advice? "Buy gold on dips around Rs 1,20,650 with a stop loss of Rs 1,19,900 for a target of Rs 1,22,000." Here's how gold prices look in some Indian cities today: - Delhi: Standard gold (22 carat) at Rs 91,688/8 grams, pure gold (24 carat) at Rs 98,592/8 grams - Mumbai: Standard gold at Rs 91,248, pure gold at Rs 98,168 - Chennai: Standard gold at Rs 90,528, pure gold at Rs 97,296 - Hyderabad: Standard gold at Rs 90,744, pure gold at Rs 97,560 (Disclaimer: Expert views are their own and do not represent The Economic Times.)

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Tags: Gold prices, Silver prices, Dollar Index, Mcx Futures, Manoj Kumar Jain, Commodity market,