Gold was trading lower in Indian markets on November 3, tracking a muted trend in the international spot prices. On the Multi-Commodity Exchange (MCX), December gold contracts were trading lower by 0.23 percent at Rs 50,950 per 10 gram at 0920 hours. December silver futures were trading 0.2 percent lower at Rs 61,881 per kg.
Experts are of the view that both gold and silver are likely to remain volatile but yellow metal should find support near Rs 50,800.
The metals gained the previous day amid uncertainty over the US elections outcome and a spike in coronavirus cases in the United States and Europe. Both the precious metals settled on a positive note.
December gold futures contract settled at $1892.50 per troy ounce with a gain of 0.73 percent and silver futures contract settled at $24.03 per troy ounce with a gain of 1.35 percent.
Domestic markets also settled on a positive note. December gold futures contract settled at Rs 51,067 per 10 gram while silver contract settled at Rs 62,007 a kilogram.
“Silver has support at $23.70-23.40 per troy ounce and resistance at $24.40-24.80. On MCX, gold has support at Rs 50,800-50,660 and resistance at Rs 51,300-51,500 levels. Silver has support at Rs 61,400-60,800 levels and resistance at 62800-63500 levels. We suggest buying on dips in both the precious metals,” he said.
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