Spot gold rose 0.4% to $4,103.55 per ounce today, pushing weekly gains to 5.9%. Investors now watch for the US non-farm payrolls report to gauge future interest rates. Manoj Kumar Jain of Prithvi Finmart said, "Gold has support at $4,064-4,022 per troy ounce, while resistance is placed at $4,140-4,174."
Synopsis
In today’s session, Spot gold rose 0.4% to $4,103.55 per ounce, taking its weekly gains to 5.9%. US gold futures for December delivery were little changed at $4,112.80 per ounce, while spot silver gained 0.5% to $52.01 per ounce.
Gold and silver prices will be in focus on Friday and remain on track for the biggest weekly gain since August after a resounding Democrats victory in the US midterm elections and the subsequent plunge in oil bolstered sentiment.
Investors now await the US non-farm payrolls report for fresh cues on the Federal Reserve's interest rate trajectory.
In today’s session, Spot gold rose 0.4% to $4,103.55 per ounce, taking its weekly gains to 5.9%. US gold futures for December delivery were little changed at $4,112.80 per ounce, while spot silver gained 0.5% to $52.01 per ounce. Overnight, on MCX, gold rose half a percent to end at Rs 1.43 lakh per 10 grams. On the flipside, the white metal dropped 0.4% to Rs 1.87 lakh per kilogram.
Gold price outlook for November 6
Manoj Kumar Jain of Prithvi Finmart said gold has support at $4,064-4,022 per troy ounce, while resistance is placed at $4,140-4,174. Silver has support at $51.20-50.00 per troy ounce and resistance at $53.50-54.40.
On the MCX, gold has support at Rs 1,42,800-1,41,400 and resistance at Rs 1,45,100-1,46,500. Silver has support at Rs 1,85,000-1,81,800, while resistance is seen at Rs 1,89,100-1,91,400.
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Jain recommended buying gold in the Rs 1,42,400-1,41,000 range, with a stop loss below Rs 1,40,000 and targets of Rs 1,44,400-1,45,500. For silver, he suggested buying in the Rs 1,86,000-1,83,000 range, with a stop loss below Rs 1,79,800 and targets of Rs 1,91,100-1,94,400.
He advised investors holding long positions in gold and silver based on his earlier recommendations to maintain the prescribed stop losses and book profits near the stated target levels.
Goldman Sachs cuts gold outlook
The US non-farm payrolls report due later in the day is expected to offer fresh insights into the health of the labour market and help investors assess the Fed's next policy move.
Meanwhile, two Federal Reserve officials on Thursday called for modest and steady interest rate increases to bring inflation back towards the central bank's target, according to a Reuters report. These were among the first comments from policymakers following the Democrats' electoral gains in the US, which could have implications for the trajectory of inflation.
According to the CME FedWatch tool, traders are currently pricing in a 71% probability of a Fed rate hike in December.
Higher interest rates typically weigh on gold by increasing the opportunity cost of holding the non-yielding asset, making it less attractive to investors.
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