Gold price today: The rates of gold and silver moved higher in the domestic futures market on Monday morning (November 3) amid weakness in the dollar and healthy spot demand. MCX Gold December futures traded 0.39 per cent higher at ₹1,21,708 per 10 grams, while MCX Silver December contracts were 0.69 per cent up at ₹1,49,307 per kg around 9:10 am.
Both gold and silver are witnessing some short covering after the recent correction, as the expectations of further US Fed rate cuts have weakened after Chair Jerome Powell’s hawkish remarks last week.
The dollar’s weakness is supporting the yellow metal, which has seen significant profit-booking of late.
Domestic spot gold prices declined by nearly ₹9,400, or over 7 per cent per 10 grams, in the last two weeks. Silver has seen massive selling, as its prices have fallen by nearly ₹22,000, or 13 per cent per kg, during the same period.
Gold prices have seen profit booking over the last few days, as diminishing expectations for further US rate cuts and easing trade tensions following a US-China trade deal have led to a decline. MCX Gold prices are now down about 8 per cent from their record high.
The MCX Gold December futures contract hit its all-time high of ₹1,32,294 per 10 grams on Friday, October 17. On the same day, the MCX Silver December 2025 futures contract hit its all-time high of ₹1,70,415 per kg.
(This is a developing story. Please check back for fresh updates.)