Commodity Market Today 12 Nov: Gold, Silver, Crude Levels
On this page 6 sections
In short: In the last session, MCX gold fell 0.58% to ₹1,39,716, silver rose 1.07%, crude rose 1.09%, natural gas fell 0.94%. Overseas, international gold fell 0.74% to $4,000.5 an ounce. The rupee closed at 93.68 per dollar (stronger by 25 paise).
What happened yesterday (11 November)
| Commodity (MCX) | Close | Change | Change (%) |
|---|---|---|---|
| Gold (Dec), ₹/10 g | 1,39,716 | −809 | −0.58% |
| Silver (Dec), ₹/kg | 1,84,525 | +1,949 | +1.07% |
| Crude oil (Nov), ₹/bbl | 8,184 | +88 | +1.09% |
| Natural gas (Nov), ₹/MMBtu | 305.9 | −2.9 | −0.94% |
| Copper (Nov), ₹/kg | 1,341.85 | +4.55 | +0.34% |
| International | Close | Change (%) |
|---|---|---|
| Gold (COMEX), $/oz | 4,000.5 | −0.74% |
| Silver (COMEX), $/oz | 52.002 | +1.76% |
| Copper (COMEX), $/lb | 6.2900 | +1.13% |
| US dollar / rupee | 93.680 | −0.26% |
India (IBJA): 24-carat gold (999) ₹1,40,603 per 10 g (−0.60%) and silver (999) ₹1,85,900 per kg (+1.66%), closing rates of 11 November without GST.
Important news
- Rupee closes at seven-month high of 93.69 as FPI inflows, lower crude prices boost sentiment: Strong foreign portfolio inflows and softer crude oil prices lifted the domestic currency, even as bond yields rose tracking US Treasury yields
- Gold or Silver? Which investment will offer higher returns after rates correction? What experts say; key levels to watch
- Argentina, Malaysia overtake Indonesia as top veg oil exporters to India: Argentina became the largest vegetable oil supplier this year to India, fuelled by demand for soybean oil and cuts to export taxes increasing its competitiveness
- IndiGo shares surge past analyst target as falling crude, Q2 beat draw buyers
- Today’s Gold Rate in India November 11: Gold prices down in Delhi, Mumbai, Kolkata, Chennai, Bengaluru: 22, 24 carat Gold prices down across metro cities on November 11
- Should you invest in HPCL, BPCL, IOCL and other OMC stocks now as oil not on the boil anymore; slips below $90/barrel: The correction in crude prices has strengthened investor sentiment towards OMC stocks. HPCL, BPCL and IOC shares have gained between 10% and 13.5% so far in November, benefiting from expectations of lower crude procurement costs and improved marketing margins.
Intraday levels for today (12 November)
The first level on each side is the one to watch at the open.
| Commodity (MCX) | Resistance | Support |
|---|---|---|
| Gold (₹/10 g) | 1,41,281, then 1,42,846 | 1,38,860, then 1,38,004 |
| Silver (₹/kg) | 1,86,975, then 1,89,424 | 1,83,080, then 1,81,634 |
| Crude oil (₹/bbl) | 8,329, then 8,474 | 8,041, then 7,898 |
| Natural gas (₹/MMBtu) | 315.1, then 324.4 | 300.7, then 295.6 |
| Copper (₹/kg) | 1,348.17, then 1,354.48 | 1,337.12, then 1,332.38 |
International levels (in $):
| Commodity | Resistance | Support |
|---|---|---|
| Gold ($/oz) | 4,053.6, then 4,106.7 | 3,968.5, then 3,936.5 |
| Silver ($/oz) | 52.981, then 53.961 | 51.221, then 50.441 |
How to read them: Gold's pivot is about ₹1,40,425, and the last price is below it; ₹1,41,281 is the first hurdle and ₹1,38,860 the first support. Silver's pivot is about ₹1,85,529, and the last price is below it; ₹1,86,975 is the first hurdle and ₹1,83,080 the first support. Crude oil's pivot is about ₹8,186, and the last price is below it; ₹8,329 is the first hurdle and ₹8,041 the first support. A move beyond the second level on either side usually means a trending day.
Weekly and positional levels
| Commodity | Weekly resistance | Weekly support | Positional support |
|---|---|---|---|
| Gold (₹/10 g) | 1,46,486, then 1,50,421 | 1,38,240, then 1,33,929 | 1,33,923 |
| Silver (₹/kg) | 1,92,280, then 1,99,461 | 1,76,585, then 1,68,071 | 1,62,402 |
| Crude oil (₹/bbl) | 9,382, then 10,209 | 7,959, then 7,363 | 7,848 |
| Natural gas (₹/MMBtu) | 290.8, then 296.6 | 275.2, then 265.4 | 277.8 |
| Copper (₹/kg) | 1,379.40, then 1,419.45 | 1,313.35, then 1,287.35 | 1,334.77 |
Gold is below its weekly pivot of ₹1,42,175. Silver is above its weekly pivot of ₹1,83,766.
Events to watch today
- US natural gas storage (EIA): around 9:00 pm IST; the weekly signal for natural gas prices.
- Coming up: MCX crude oil contract expiry (Thursday, 19 November): volume moves to the next month's contract around this date.
- Rupee: a weaker rupee lifts MCX prices even when international prices are flat, and a stronger rupee does the opposite.
Pokharna Research view
Precious metals were mixed in the last session: gold fell 0.58% while silver rose 1.07%, with the rupee stronger at 93.68. For today, gold ₹1,40,425 is the pivot to watch: holding above it keeps the tone firm, while a slip below ₹1,38,860 opens ₹1,38,004. Crude's range is ₹8,041–₹8,329; supply headlines can push it outside quickly.
This report is educational and informational. It is not investment advice, and nothing here is a call to trade any commodity. Commodity futures are leveraged and carry high risk. Pokharna Research does not claim SEBI registration.