Commodity Market Today 3 Nov: Gold, Silver, Crude Levels
On this page 6 sections
In short: In the last session, MCX gold rose 1.23% to ₹1,40,186, silver rose 2.59%, crude fell 8.70%, natural gas fell 1.59%. Overseas, international gold rose 1.81% to $3,969.6 an ounce and Brent crude fell 10.94% to $104.77 a barrel. The rupee closed at 94.90 per dollar (stronger by 25 paise).
What happened yesterday (2 November)
| Commodity (MCX) | Close | Change | Change (%) |
|---|---|---|---|
| Gold (Dec), ₹/10 g | 1,40,186 | +1,701 | +1.23% |
| Silver (Dec), ₹/kg | 1,83,779 | +4,647 | +2.59% |
| Crude oil (Nov), ₹/bbl | 9,072 | −865 | −8.70% |
| Natural gas (Nov), ₹/MMBtu | 272.7 | −4.4 | −1.59% |
| Copper (Nov), ₹/kg | 1,391.95 | +18.35 | +1.34% |
| International | Close | Change (%) |
|---|---|---|
| Gold (COMEX), $/oz | 3,969.6 | +1.81% |
| Crude oil WTI (NYMEX), $/bbl | 96.46 | −7.36% |
| Crude oil Brent (ICE), $/bbl | 104.77 | −10.94% |
| Natural gas (NYMEX), $/MMBtu | 2.856 | −1.45% |
| Copper (COMEX), $/lb | 6.5675 | +1.69% |
| US dollar / rupee | 94.905 | −0.26% |
India (IBJA): 24-carat gold (999) ₹1,37,524 per 10 g (−1.81%) and silver (999) ₹1,79,972 per kg (−0.76%), closing rates of 2 November without GST.
Important news
- Oil slide hands India's 10-year bond its best day since early April: The recent drop in Brent crude prices is creating an uptick in demand for Indian government bonds, particularly shining on the 10-year note which has experienced its strongest performance since April. As yields decrease, investors are keen to secure these…
- Gold edges up ahead of Diwali on festive demand; silver remains steady in Delhi: Gold rises ₹500 to ₹1,42,500 per 10 grams; silver at ₹1.86 lakh per kilogram
- Rupee ends little changed as traders stay cautious despite oil, dollar drop: The Indian rupee closed at 94.90 per dollar, trimming its earlier advances. Despite lower oil prices and a softening dollar, the rupee struggled to gain ground as traders remained wary ahead of the impending US midterm elections. Additionally, the Reserve…
- Gold, silver outlook: Why analysts remain cautious despite Monday's recovery
- Today’s Gold Rate in India November 2: Gold prices see mixed trend in Delhi, Mumbai, Kolkata, Chennai, Bengaluru: 22, 24 carat Gold prices see mixed trend across metro cities on November 2
- Gold rises on softer oil; markets parse Fed signals: Spot gold rose 0.9% to $3,907.94 per ounce by 0633 GMT, after hitting a one-year low in the previous session
Intraday levels for today (3 November)
The first level on each side is the one to watch at the open.
| Commodity (MCX) | Resistance | Support |
|---|---|---|
| Gold (₹/10 g) | 1,41,130, then 1,42,074 | 1,38,636, then 1,37,086 |
| Silver (₹/kg) | 1,85,567, then 1,87,356 | 1,81,098, then 1,78,418 |
| Crude oil (₹/bbl) | 9,443, then 9,814 | 8,872, then 8,672 |
| Natural gas (₹/MMBtu) | 280.3, then 288.0 | 268.4, then 264.2 |
| Copper (₹/kg) | 1,397.80, then 1,403.65 | 1,381.75, then 1,371.55 |
International levels (in $):
| Commodity | Resistance | Support |
|---|---|---|
| Gold ($/oz) | 4,000.3, then 4,030.9 | 3,919.5, then 3,869.3 |
| Crude oil WTI ($/bbl) | 101.00, then 105.53 | 93.54, then 90.61 |
| Crude oil Brent ($/bbl) | 110.00, then 115.24 | 101.41, then 98.06 |
| Natural gas ($/MMBtu) | 2.939, then 3.022 | 2.812, then 2.768 |
How to read them: Gold's pivot is about ₹1,39,580, and the last price is above it; ₹1,41,130 is the first hurdle and ₹1,38,636 the first support. Silver's pivot is about ₹1,82,887, and the last price is above it; ₹1,85,567 is the first hurdle and ₹1,81,098 the first support. Crude oil's pivot is about ₹9,243, and the last price is below it; ₹9,443 is the first hurdle and ₹8,872 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) | 1,42,469, then 1,46,453 | 1,36,375, then 1,34,265 | 1,33,923 |
| Silver (₹/kg) | 1,91,407, then 2,03,682 | 1,72,838, then 1,66,544 | 1,62,402 |
| Crude oil (₹/bbl) | 10,116, then 10,294 | 9,615, then 9,292 | 8,893 |
| Natural gas (₹/MMBtu) | 303.0, then 329.0 | 244.3, then 211.6 | 236.8 |
| Copper (₹/kg) | 1,399.88, then 1,416.72 | 1,368.13, then 1,353.22 | 1,383.88 |
Gold is below its weekly pivot of ₹1,40,359. Silver is below its weekly pivot of ₹1,85,113.
Events to watch today
- 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 gained in the last session, with the rupee stronger at 94.90. For today, gold ₹1,39,580 is the pivot to watch: holding above it keeps the tone firm, while a slip below ₹1,38,636 opens ₹1,37,086. Crude's range is ₹8,872–₹9,443, with Brent at $104.77; 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.