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Gold price today: Yellow metal trades flat, likely to hold Rs 50,330-50,000 support level

Experts advise investors to buy the dip as long as the yellow metal holds on to the crucial support at 50,000 per 10 gm.

November 11, 2020 / 05:38 PM IST

India Gold December Futures trade flat on November 11 after rallying more than 1 percent in the previous trading session. Experts advise investors to buy the dips as long as the yellow metal holds on to the crucial support at 50,000 per 10 gm.

On the Multi-Commodity Exchange (MCX), December gold contracts were trading lower by 0.18 percent at Rs 50,408 per 10 gram at 0920 hours. December silver futures were trading 0.34 percent lower at Rs 62,832 per kg.

Gold and silver prices rebounded on Tuesday after Monday's heavy sell-off due to COVID-19 vaccine news. Gold and silver settled on a positive note in the international markets on Tuesday.

Gold December futures contract settled at $1876.40 per troy ounce while Silver December futures contract settled at $24.32 per troy ounce.

In the domestic market, both the precious metals also settled on a positive note. Gold December futures contract settled at 50501 per 10 gram while Silver December futures contract settled at 63044 per one kilogram.

Gold & Silver Rates Yesterday

Thursday, 23rd March, 2023

Gold Rate in Mumbai Yesterday

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Thursday, 23rd March, 2023

Silver Rate in Mumbai Yesterday

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  • 1kg silver in Mumbai

Gold and silver negatively reacted to vaccine news on Monday and heavy selling is observed in both the precious metals due to profit-taking but long-term fundamentals are intact in precious metals, suggest experts.

“US stimulus hopes and weakness in the dollar index continue to support gold prices. Monetary easing by most of the developed countries will lead to the inflation in coming months and gold and silver will get support due to hedge against inflation,” Manoj Jain, Director (Head-Commodity & Currency Research) at Prithvi Finmart told Moneycontrol.

“We expect dollar index will also face stiff resistance due to fresh economic stimulus in the United States and will support to the precious metals prices. Gold and silver prices remain volatile but expected to get support at lower levels,” he said.

Jain further added that at MCX, Gold has support at 50330-50000 levels and resistance at 50800-51000 levels while silver has support at 62500-61800 and resistance at 63660-64400 levels. “We expect any sharp decline in the prices would be an opportunity for buying in the gold around 50000 levels and in silver around 61800 levels,” he added.

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Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold and silver regained some lost ground on Tuesday after a sharp fall in the previous session as concerns over global economic recovery and expectations of further fiscal and monetary stimulus offered support to the safe-haven metal.

Dallas Federal Reserve Bank President Robert Kaplan said he was cautious and concerned about downside economic risks in the short term because of the resurgence of the coronavirus.

Domestic bullion could trade in a range on Wednesday, tracking a firm start in the overseas prices. Technically, MCX Gold December traded in a range of 49950-50650 levels where it is likely to trade in sideways momentum.

Support is seen at 50200-50050 levels and Resistance is at 50600-50800 levels.

Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

COMEX gold trades little changed near $1878/oz after a 1.2% gain yesterday. Gold is range-bound as support from rising virus cases and hopes of additional stimulus measures is countered by mixed ETF activity, signs of progress on the vaccine front, and uncertainty about the US fiscal stimulus deal.

Gold has bounced back from recent lows but we may see choppy trade amid mixed factors but the general bias may be on the upside amid hopes that central banks may do more to boost economic recovery.

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.

Kshitij Anand
Kshitij Anand is the Editor Markets at Moneycontrol.