Gold and silver prices today: Gold holds steady near key $2,000 level

Gold opened on the Multi Commodity Exchange (MCX) on Monday at Rs 60,847 per 10 grams and hit an intraday low of Rs 60,755. In the international market, prices hovered around $1,991.50 per troy ounce. Meanwhile, silver opened at Rs 72,230 per kg, hit an intraday low of Rs 72,052 on the MCX, and hovered around $23.23 per troy ounce in the international market. 

Anuj Gupta, Head of Commodity and Currency at HDFC Securities, said, “Last week gold prices were down by 0.22% and closed at 61020. During the week, it tested six-month high of 61539 levels. Silver increased by 0.75% and closed at 72252 levels. FOMC keep interest rates stable. We notice a cool-off in bond yields and the dollar index. As a safe haven premium washing out, it may trade in a range of 1945 to 2009. Any further geopolitical unrest will only boost prices; otherwise, it will trade in a range,” added Gupta. 

Manav Modi, Analyst, Commodity and Currency, MOFSL, said, "Gold prices held steady near key $2,000 level after weak U.S. jobs data raised hopes that the Federal Reserve is done raising interest rates, sending the US dollar and bond yields lower." 

The dollar hovered around the six-week low, 105 mark, while benchmark 10-year Treasury yields were at 4.58% after hitting a five-week low. The U.S. Labor Department’s report last week showed that nonfarm payrolls increased by 150,000 jobs in October, much less than the expectation of 180,000, partly due to strikes at Detroit’s Big Three automakers. The unemployment rate also was reported to be higher than expected at 3.9%. 

“Just after US jobs report comments from Hezbollah leader signalled slight ease off in the ongoing Israel and Palestine dispute. In the Middle East, Israel, over the weekend, rejected growing calls for a ceasefire in Gaza. Hence, updates regarding the Israel-Hamas dispute will be important to watch for. Focus will also be on the Fed Governor's speech as he is expected to speak twice this week," said Modi. 

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Amit Khare, Associate Vice President at GCL Broking, said, "December Gold closed at 61020(0.19%) and December Silver closed at 72252(1.22%). As per the daily chart, the bullion structure is looking positive. We can see some further upside movement in coming future. Traders are advised to make fresh buy positions in Gold and Silver near the given support level one with the stop loss of support level two and book near given resistance levels: Gold December Support 60800/60500 and Resistance 61200/61400. Silver December Support 71800/70800 and Resistance 72800/73200." 

Prithviraj Kothari, MD and CEO of RiddiSiddhi Bullions Limited, said, "As was generally anticipated, the central bank kept interest rates unchanged on Wednesday. Markets, however, were pricing in a lower likelihood of any additional rate hikes following remarks made by Fed Chair Jerome Powell, who also noted that financial conditions have significantly tightened in recent months."