Gold was trading lower while silver moved higher in Indian markets on November 6. On the Multi-Commodity Exchange (MCX), December gold contracts were trading lower by 0.35 percent at Rs 51,875 per 10 gram at 0920 hours. December silver futures were trading 0.28 percent higher at Rs 64,435 per kg.


Experts are of the view that the upside trend still remains intact and crucial support for the yellow metal is seen at Rs 51,800-51,550 per 10 gm

Gold and silver showed solid strength the previous say following over the outcome of the US presidential election and the dollar index tumbled. Both the metals settled on a positive note in international markets.

Gold December futures contract settled at $1946.80 per troy ounce while silver settled at $25.19 per troy ounce. Despite gains in the rupee, both precious metals also settled on a positive note in the domestic market.

“The US Federal Reserve also kept key interest rates unchanged to 0.00-0.25 percent. Safe haven buying lifted both the precious metals once again amid high uncertainty over US presidential elections results,” Manoj Jain, Director (Head-Commodity & Currency Research) at Prithvi Finmart told Moneycontrol.

“We expect both the precious metals remain volatile in today's session and we suggest to book profits in long positions in gold and silver and wait for some corrections for fresh buying. Gold is having support at $1933-1920 per troy ounce and resistance at $1958-1970 per troy ounce.”

Jain added that on MCX, gold has support at 51,800-51,550 and resistance at 52,330-52,600 levels while silver has support at 63,600-62,800 and resistance at 64,800-65,600.