Commodity Market Today 29 Oct: Gold, Silver, Crude Levels
On this page 6 sections
In short: In the last session, MCX gold fell 0.30% to ₹1,43,705, silver fell 1.22%, crude rose 3.16%, natural gas rose 1.63%. Overseas, international gold fell 0.56% to $4,051.6 an ounce and US crude (WTI) rose 2.88% to $102.78. The rupee closed at 95.21 per dollar (weaker by 3 paise).
What happened yesterday (28 October)
| Commodity (MCX) | Close | Change | Change (%) |
|---|---|---|---|
| Gold (Dec), ₹/10 g | 1,43,705 | −433 | −0.30% |
| Silver (Dec), ₹/kg | 1,94,325 | −2,392 | −1.22% |
| Crude oil (Nov), ₹/bbl | 9,798 | +300 | +3.16% |
| Natural gas (Nov), ₹/MMBtu | 293.1 | +4.7 | +1.63% |
| Copper (Oct), ₹/kg | 1,399.50 | +2.10 | +0.15% |
| International | Close | Change (%) |
|---|---|---|
| Gold (COMEX), $/oz | 4,051.6 | −0.56% |
| Silver (COMEX), $/oz | 53.666 | −1.15% |
| Crude oil WTI (NYMEX), $/bbl | 102.78 | +2.88% |
| Natural gas (NYMEX), $/MMBtu | 3.032 | +12.42% |
| Copper (COMEX), $/lb | 6.6715 | +0.75% |
| US dollar / rupee | 95.210 | +0.03% |
India (IBJA): 24-carat gold (999) ₹1,42,707 per 10 g (+0.90%) and silver (999) ₹1,93,442 per kg (+0.49%), closing rates of 28 October without GST.
Important news
- Crude shock and IT slump keep Nifty in the red; Bank stocks limit the damage: Nifty 50 closed at 22,698.85, down 50.90 points or 0.22%, its second consecutive session of losses and Sensex settled at 73,246.03, down 352.64 points
- India bonds end flat as oil woes come up against short covering: Indian government bonds faced volatility as oil price hikes raised inflation concerns and affected market sentiment. The 6.94% 2036 bond yield fluctuated but ended slightly unchanged as traders reacted to market conditions. Elevated crude prices have…
- US Fed rate decision today: What investors should watch in gold, silver prices and market outlook: Gold and silver edged lower as investors awaited the Federal Reserve’s policy decision, with markets expecting rates to remain unchanged. Persistent inflation, a strong dollar and the prospect of rates staying higher for longer continue to weigh on precious…
- Sensex today – Stock Market Highlights: Sensex declines 353 points dragged by Reliance, IT stocks, rising crude oil prices: Sensex, Nifty, Share Prices Highlights: Market benchmark indices Sensex and Nifty ended lower on Wednesday, dragged by Reliance Industries, IT companies, rising crude oil prices and caution ahead of the US Federal Reserve's policy decision.
- Global Market: European shares waver as earnings, rising oil weigh on sentiment: European shares edged lower as investors assessed mixed bank earnings and rising oil prices ahead of the European Central Bank’s policy decision. Technology and energy stocks gained, offering some support amid broader market weakness.
- Elevated oil prices keep up heat on rupee, traders await cues from Fed: The Indian rupee closed lower against the dollar as oil prices surged due to supply concerns. Brent oil rose to $115.3 per barrel following recent events in Saudi Arabia. Iranian mediators proposed a new draft to resolve ongoing conflicts, with expectations…
Intraday levels for today (29 October)
The first level on each side is the one to watch at the open.
| Commodity (MCX) | Resistance | Support |
|---|---|---|
| Gold (₹/10 g) | 1,44,258, then 1,44,812 | 1,43,236, then 1,42,768 |
| Silver (₹/kg) | 1,95,917, then 1,97,508 | 1,93,367, then 1,92,408 |
| Crude oil (₹/bbl) | 9,908, then 10,019 | 9,652, then 9,507 |
| Natural gas (₹/MMBtu) | 295.8, then 298.6 | 290.7, then 288.4 |
| Copper (₹/kg) | 1,402.23, then 1,404.97 | 1,396.13, then 1,392.77 |
International levels (in $):
| Commodity | Resistance | Support |
|---|---|---|
| Gold ($/oz) | 4,086.9, then 4,122.2 | 4,026.6, then 4,001.6 |
| Silver ($/oz) | 54.459, then 55.252 | 53.099, then 52.532 |
| Crude oil WTI ($/bbl) | 104.30, then 105.83 | 100.50, then 98.23 |
| Natural gas ($/MMBtu) | 3.078, then 3.125 | 2.999, then 2.967 |
How to read them: Gold's pivot is about ₹1,43,790, and the last price is below it; ₹1,44,258 is the first hurdle and ₹1,43,236 the first support. Silver's pivot is about ₹1,94,958, and the last price is below it; ₹1,95,917 is the first hurdle and ₹1,93,367 the first support. Crude oil's pivot is about ₹9,763, and the last price is above it; ₹9,908 is the first hurdle and ₹9,652 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) | 1,46,621, then 1,51,217 | 1,39,381, then 1,36,737 | 1,42,078 |
| Silver (₹/kg) | 2,08,721, then 2,21,723 | 1,87,433, then 1,79,147 | – |
| Crude oil (₹/bbl) | 10,079, then 10,358 | 9,292, then 8,784 | 9,051 |
| Natural gas (₹/MMBtu) | 286.7, then 320.9 | 234.5, then 216.5 | 291.2 |
| Copper (₹/kg) | 1,411.13, then 1,445.17 | 1,339.33, then 1,301.57 | 1,393.10 |
Gold is below its weekly pivot of ₹1,43,977. Silver is below its weekly pivot of ₹2,00,435.
Events to watch today
- US natural gas storage (EIA): around 8:00 pm IST; the weekly signal for natural gas prices.
- Coming up: MCX copper contract expiry (Friday, 30 October): 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 slipped in the last session, with the rupee weaker at 95.21. For today, gold ₹1,43,790 is the pivot to watch: holding above it keeps the tone firm, while a slip below ₹1,43,236 opens ₹1,42,768. Crude's range is ₹9,652–₹9,908; 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.