How global and domestic cues are shaping gold and silver prices

Gold and silver prices in India saw cautious movements on Friday (November 5), reflecting subdued market sentiment amid global and domestic cues.

On the Multi Commodity Exchange (MCX), gold hovered around

₹1.30 lakh per 10 grams, with 24 carat, 22 carat, and 18 carat variants showing limited movement.

Silver, meanwhile, dipped marginally by ₹100 to trade at ₹1.90 lakh per kilogram.

Gold: Limited momentum amid global caution

According to Aksha Kamboj, Vice President of the India Bullion & Jewellers Association (IBJA) and Executive Chairperson of Aspect Global Ventures, “Traders are tempering expectations of early rate cuts, and therefore, sentiments remain subdued. The current level may see some selective buying, but overall momentum stays restricted."

She added that unless significant economic data alters market sentiment, gold is likely to move in a narrow range, influenced primarily by short-term cues rather than fundamental shifts.

Silver: Stronger uptrend, industrial demand in focus

Kamboj noted that “industrial demand signals have turned softer, keeping near-term trading momentum on the lighter side. While the current level could provide some buying opportunity for opportunistic buyers, the broader direction remains dependent on global manufacturing trends and macro flows.”

Global cues and technical levels

Rahul Kalantri, Vice President of Commodities at Mehta Equities, said, “Weak labour market indicators, including a sharper-than-expected drop in ADP payrolls and elevated layoffs, have increased the likelihood of a rate cut at the upcoming FOMC meeting, with market odds now nearing 87%. A stronger rupee has also added pressure on precious metals,” he said.

Technical levels in rupee suggest gold support at ₹1.28 lakh–1.29 lakh per 10 grams and resistance at ₹1.30 lakh–1.31 lakh per 10 grams. Silver shows support at ₹1.75 lakh–1.76 lakh per kg and resistance at ₹1.79 lakh–1.80 lakh per kg.