Last Updated : Nov 10, 2020 10:19 AM IST | Source:

Gold price today: Yellow metal stable after steep fall; Silver up 2%

In the domestic markets, gold could hold the crucial support level of 49500 per 10 gram and it could rebound to 50300-50500 levels again. Silver is also expected to hold crucial support of $23.50 per troy ounce.

Representative image
Representative image

India Gold MCX December futures stabilised on Tuesday after falling about 5 percent in the previous trading session tracking a positive trend seen in the international spot prices which were up largely on hopes of stimulus measures.

On the Multi-Commodity Exchange (MCX), December gold contracts were trading higher by 0.95 percent at Rs 50,222 per 10 gram at 0920 hours. December silver futures were trading 2 percent higher at Rs 62,112 per kg.

Experts are of the view that investors can avoid going short but look to buy the dip in precious metals. The yellow metal should be able to hold on to its crucial support at Rs 49,500 per 10 gm.


Gold and silver prices sharply down on Monday after Pfizer reported its COVID-19 vaccine had a success rate of 90 percent. Gold slipped from 7-week highs to a 3.5-month low. News from Pfizer that it has developed a very promising COVID-19 vaccine spiked up risk appetite in the market place.

Gold plunged 5 percent to hit its biggest single-day fall since August. Silver also crashed around 8 percent. Gold settled at $1854.40 per troy ounce with a loss of 5 percent and silver settled at $23.70 per troy ounce with a loss of 7.82 percent.

Domestic markets were also settled on a weaker note. Gold settled at Rs 49,748 per 10 gram while Silver settled at Rs 60,854 per kilogram. Gold and silver prices crossed with immediate reactions on the vaccine news, suggest experts.

“We expect both the precious metals to remain highly volatile and US stimulus hopes could support prices at lower levels. Gold could hold the crucial support of $1840 per troy ounce and could show some rebound in the prices towards $1884 per troy ounce,” Manoj Jain, Director (Head-Commodity & Currency Research) at Prithvi Finmart told Moneycontrol.

“In the domestic markets gold could hold the crucial support level of Rs 49,500 per 10 gram and it could rebound to Rs 50,300-50,500 levels again. Silver is also expected to hold crucial support of $23.50 per troy ounce and could rebound to $24.50 per troy ounce levels,” he said.

Jain is of the view that in the domestic markets silver is expected to hold crucial support levels Rs 59,800 per one kilogram and it could rebound to Rs 61,600-62,100 levels. We suggest avoiding short sell at lower levels in both the precious metals.

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Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold and silver crashed on Tuesday as news of the first successful late-stage COVID-19 vaccine trials prompted investors to exit from safe-haven bullion and flock to riskier assets. Domestic gold and silver crashed on Monday, tracking overseas prices.

International bullion prices started marginally higher on Tuesday morning in Asian trade.

Technically, MCX Gold December plunged more than 5 percent on Monday after forming a long black Bearish Candlestick Engulfing a whole Rising Channel into it which is a sign for Bearish Reversal in the counter. Support is at Rs 49200-48900 levels and Resistance is at Rs 49900-50500 levels.

MCX Silver December on Monday gave a highest single-day fall of more than 7 percent where it has plunged from Rs 66470 levels where it made a low of Rs 60560 levels forming a long Bearish Candlestick indicating a Bearish Reversal once again in the counter.

Prices could find Support near Rs 60300-59200 levels & Resistance is at 62600-63500 levels.

Ravindra Rao, VP- Head Commodity Research at Kotak Securities

COMEX gold has risen about 1.50 percent to trade near $1882/oz after a 5 percent decline yesterday. Gold bounced back after taking support near $1850/oz. Supporting gold price is loose monetary policy stance of major central banks and worsening virus situation in Europe and the US. However, weighing on price is progress on the vaccine front, reduced expectations of a large US fiscal stimulus package and mixed ETF activity. Gold may witness choppy trade as market players assess the current worsening virus situation against the prospect of a vaccine.

Disclaimer: The views and investment tips expressed by experts on are their own and not those of the website or its management. advises users to check with certified experts before taking any investment decisions.
First Published on Nov 10, 2020 09:58 am