Gold and silver prices declined in morning trade on Tuesday (November 4) as a stronger US dollar and fading hopes of another Federal Reserve rate cut weighed on investor sentiment.

At 9:10 AM, MCX Gold December futures were down 0.42% at Rs 1,20,894 per 10 grams, while MCX Silver December contracts fell 0.48% to Rs 1,47,050 per kg.

The US dollar index rose by 0.20% to 100.05, marking its highest level in over three months. A stronger dollar typically makes gold more expensive for investors using other currencies, lowering its demand.

“We suggest buying gold on dips around Rs 1,20,650 with a stop loss of Rs 1,19,900 for a target of Rs 1,22,000,” said Manoj Kumar Jain, Prithvifinmart Commodity Research.

Key MCX Levels (Today) Metal Support Levels Resistance Levels Gold (MCX) Rs 1,20,800

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