Gold Prices Rise as Dollar Weakens; Key Levels to Monitor

Gold prices saw a modest increase on November 6, 2025, bolstered by a weakening US dollar and heightened demand for safe-haven assets as investors adopted a cautious stance ahead of significant economic data releases. As of the latest figures, the MCX Gold December futures rose by 0.14% to Rs. 1,20,687 per 10 grams, while MCX Silver December contracts recorded a slight increase of 0.06%, trading at Rs. 1,47,411 per kilogram.

Market Dynamics and Economic Indicators

The US dollar index experienced a decline of approximately 0.20%, hovering just below a four-month high. Concurrently, the yield on the 10-year Treasury note remained near its monthly peak. According to the ADP employment report, US private payrolls rose by 42,000 in October, surpassing expectations of an increase of 28,000. This robust jobs data tempered market expectations for further rate cuts by the Federal Reserve this year, contributing to a complex market environment.

In domestic markets, gold prices showed divergence. In Mumbai, the price of 24-carat gold fell slightly to Rs. 12,147 per gram from Rs. 12,148 the previous day, while the price for 10 grams decreased to Rs. 1,21,470 from Rs. 1,21,480. Similarly, 22-carat gold slipped to Rs. 11,134 per gram from Rs. 11,135. In contrast, Chennai witnessed an uptick in gold prices, with 24-carat gold rising to Rs. 12,273 per gram compared to Rs. 12,197 the day before.

Analysts’ Insights and Future Projections

Market analysts predict that gold and silver prices will continue to experience fluctuations as traders assess global economic signals along with upcoming US non-farm payroll data. Currently, gold is maintaining important support near $3,875 per ounce, while silver holds at $46.50 per ounce. Analysts forecast that gold prices may range between $3,870 and $4,140 and silver between $46.50 and $50.50 per troy ounce in the coming week.

On the Multi Commodity Exchange (MCX), key support for gold is seen at Rs. 1,19,900 and Rs. 1,19,350, with resistance levels at Rs. 1,21,100 and Rs. 1,21,650. For silver, support lies at Rs. 1,46,000 and Rs. 1,44,400, while resistance is set at Rs. 1,48,500 and Rs. 1,49,400.

Despite strong employment figures in the US, gold prices saw an increase of over 1% on Wednesday, with spot gold trading at $3,977.94 per ounce and US gold futures at $3,989.80 per ounce. As the Federal Reserve indicates a pause in rate cuts, traders anticipate periods of volatility ahead, yet the long-term outlook for gold remains positive.

The interplay between economic indicators and market sentiment will likely continue to shape the gold and silver markets in the near future.