Gold rate today: On account of nosediving US bond yield and US dollar index, gold price today opened upside at ₹60,719 per 10 gm levels on Multi Commodity Exchange (MCX). MCX gold rate further extended its morning gains and went on to hit intraday high of ₹60,774 per 10 gm levels within few minutes of commodity market's opening bell today. In international market, spot gold price is oscillating around $1,982 per ounce levels.

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Silver rate today opened downside at ₹72,997 and went on to touch intraday low of ₹72,905 per kg levels on MCX. However, the white metal gained upside momentum and registered strong recovery from lower levels within an hour of commodity market's opening bell deals. Silver price on MCX soon entered the positive territory and touched intraday high of ₹73,310 per kg levels. In international market, silver rate today is around $23.75 per ounce levels.

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According to commodity market experts, gold and silver prices are volatile as minutes of the US Fed meeting held from 31st October to 1st November will be released this week. In that US Fed meeting, US Fed continued its rate pause stance that triggered profit booking in US dollar and US treasury yield. After the US Fed meeting, 140-year US bond yield has slipped from 5 per cent to 4.45 per cent whereas US dollar index has hit 11-month low. 

Market experts said that MCX gold rate today is in ₹60,300 to ₹61,200 per 10 gm range whereas spot gold price is in $1,960 to $2,000 levels. They said that silver rate today is in ₹71,000 to ₹75,000 range on MCX whereas spot silver rate today is in $23 to $24.50 per ounce range.

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On reasons that have fueled gold rate today, Anuj Gupta, Head — Commodity & Currency at HDFC Securities said, "Due to rate pause announcement by the US Fed in its latest FOMC meeting, weakness in US bond yield and US dollar index was witnessed. Today 10-year US bond yield has slipped from record 16-year high of 5 per cent to around 4.45 per cent. Similarly, US dollar index has hit 11-month low of 103.62 levels. These factors have fueled gold and silver prices in domestic and international markets."

Deveya Gaglani, Research Analyst - Commodities at Axis Securities said, "Gold prices rallied higher last week as the probability increased that the US Fed will not hike rates after cooler-than-expected US inflation data. Weak data print from the USA dragged the dollar index lower, which supported gold prices. The dollar index posted its worst weekly decline since mid-July. It settled around $103.82 level and was down by more than 1.87%. If it continues to drift lower, then it may boost Gold prices. All eyes will be on FOMC meeting minutes this week for further impetus."

Important levels to look at

"Gold rate today is in ₹60,300 to ₹61,200 per 10 gm range whereas spot gold price today is in $1,960 to $2,000 per ounce range. Any dip from current levels should be seen as buying opportunity as US dollar has been nosediving continuously and no such trigger in near term is expected to provide support to nosediving US bond yield and US dollar," said Anuj Gupta.

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Anuj Gupta of HDFC Securities went on to add that MCX silver rate today is in ₹71,000 to ₹75,000 range whereas spot silver price is in $23 to $24.50 per ounce range. One should maintain buy on dips strategy in the precious white metal as silver price is expected to bounce back from lower support levels on weak US dollar and bond yield.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.

ABOUT THE AUTHOR Asit Manohar Chief Content Producer at Live Mint Digital Team Read more from this author