Gold Price Nears Rs 120000 on MCX Today

• Gold rises slightly to Rs 1,20,623, influenced by dollar weakness and rate-cut doubts.
• Spot gold increases to $3,987.91, driven by risk aversion despite strong US job data.
• Tradebull Securities suggests BUY for gold (target Rs 1,20,500) and silver (Rs 1,48,000).

Gold Prices Today: Gold prices on Thursday (November 6) were nearly steady, taking cues from the international market as dollar weakness countered fading

rate-cut expectations. As of 10:10 a.m., gold prices were up 0.1 per cent, or by Rs 101, to trade at Rs 1,20,623. Prices hit an all-time high of Rs 1,32,294 last month. On the silver side, the metal was also muted at Rs 1,47,485. In the international market, spot gold was up 0.2 per cent, or USD 8.75, to trade at USD 3,987.91. Spot gold on Comex rose over 1 per cent yesterday as investors avoided riskier assets despite stronger-than-expected private US payroll data. On the currency front, the rupee appreciated 8 paise to 88.62 against the US dollar in early trade on Thursday amid a weak American currency and lower crude oil prices overseas, as reported by the Press Trust of India (PTI). When the dollar weakens against other currencies, gold prices tend to rise, and when the dollar strengthens, gold prices usually fall. Yesterday, US private employment increased by 42,000 jobs last month, above Reuters’ estimate of a 28,000 rise, according to the ADP employment report released on Wednesday. A strong jobs market typically makes interest rate cuts less likely and can keep rates higher for longer. In a lower interest rate environment, gold prices tend to rise, while in a higher interest rate environment, gold prices usually fall. Despite the recent decline in gold prices, analysts have maintained a positive long-term outlook for the bullion. According to Bhavik Patel of Tradebull Securities, historically, after such a long uptrend, a correction or technical consolidation usually follows. “We are currently in that zone for gold and silver,” he said. He further recommended a BUY call on both precious metals. According to Patel, investors can buy gold with a target of Rs 1,20,500 and a stop-loss at Rs 1,19,600, while for silver, he suggested a target of Rs 1,48,000 and a stop-loss at Rs 1,45,000.

Check City-Wise Gold Prices:

City	Price/10g
Banglore	1,21,700
Chennai	1,21,670
Delhi	1,22,7500
Mumbai	1,21,620
Hyderbad	1,21,630
Kolkata	1,21,600
Noida	1,21,770
Lucknow	1,21,770
Ahmedabad	1,21,610
Chandigarh	1,21,700

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)