Gold, Silver Prices Today: Precious metals extend rally for second day ahead of Dhanteras; check city-wise rates

Gold, Silver Prices Today: Gold and silver prices continued to rise on Thursday, November 5, extending the strong recovery seen in the previous session. The gains come ahead of Dhanteras, when gold and silver are among the metals bought during the festive period, as households traditionally consider these purchases auspicious and associate them with prosperity, wealth and good fortune.

On commodity derivative exchange MCX, both metals were moving higher in late-morning trade.

At 11:45 am, MCX December gold futures were trading at Rs 1,45,021 per 10 grams, up Rs 1,787 or 1.25 per cent. During the session, the contract touched a low of Rs 1,44,555 and a high of Rs 1,46,109.

MCX December silver futures were trading at Rs 1,89,314 per kg, up Rs 1,579 or 0.84 per cent. The metal touched an intraday low of Rs 1,87,411 and a high of Rs 1,90,946.

The gains follow a strong rally on Wednesday, November 4. Gold futures on MCX settled at Rs 1,43,234 per 10 grams, rising 2.71 per cent. Silver futures settled at Rs 1,87,735 per kg, gaining 4.47 per cent.

Retail gold and silver prices also moved higher across major Indian cities on November 5. The rates below are for 999 purity, excluding GST.

These are indicative rates. Actual rates may vary.

Gold and silver witnessed a strong rebound after the Republican Party’s defeat in the US midterm elections and a sharp fall in crude oil prices, said Manoj Kumar Jain, Director and Head of Commodity and Currency Research at Prithvi Finmart.

The dollar index also declined after the election results. Easing inflation concerns due to lower oil prices, weakness in the dollar index, lower US bond yields and the possibility of an end to the US-Iran war supported bullion prices, said Jain.

In the international market, December gold futures settled at $4,073 per troy ounce on Wednesday, up 3.37 per cent for the day.

December silver futures settled at $52.282 per troy ounce, gaining 5.08 per cent.

Jain said bullion markets were already in a highly oversold zone and a positive trigger could lift prices.

However, he expects gold and silver to remain volatile this week due to movements in crude oil prices, the dollar index and US jobs data.

For the current session, Jain sees support for MCX gold at Rs 1,42,000–1,41,400, while resistance is placed at Rs 1,44,400-1,45,500.

For silver, support is seen at Rs 1,85,500-1,83,000, while resistance is placed at Rs 1,91,100-1,94,400.

Jain has suggested buying gold around Rs 1,42,400-1,41,000, with a stop loss below Rs 1,40,000. The target range is Rs 1,44,400-1,45,500.

For silver, he has suggested buying around Rs 1,86,000-1,83,000, with a stop loss below Rs 1,79,800. The target range is Rs 1,91,100-1,94,400.