Commodity Market Today 4 Nov: Gold, Silver, Crude Levels
On this page 6 sections
In short: In the last session, MCX gold fell 0.52% to ₹1,39,452, silver fell 2.22%, crude rose 0.35%, natural gas rose 0.70%. Overseas, international gold fell 0.74% to $3,940.4 an ounce and Brent crude fell 1.12% to $103.60 a barrel. The rupee closed at 94.73 per dollar (weaker by 0 paise).
What happened yesterday (3 November)
| Commodity (MCX) | Close | Change | Change (%) |
|---|---|---|---|
| Gold (Dec), ₹/10 g | 1,39,452 | −734 | −0.52% |
| Silver (Dec), ₹/kg | 1,79,698 | −4,081 | −2.22% |
| Crude oil (Nov), ₹/bbl | 9,104 | +32 | +0.35% |
| Natural gas (Nov), ₹/MMBtu | 274.6 | +1.9 | +0.70% |
| Copper (Nov), ₹/kg | 1,365.40 | −26.55 | −1.91% |
| International | Close | Change (%) |
|---|---|---|
| Gold (COMEX), $/oz | 3,940.4 | −0.74% |
| Silver (COMEX), $/oz | 49.753 | −1.91% |
| Crude oil WTI (NYMEX), $/bbl | 96.09 | −0.38% |
| Crude oil Brent (ICE), $/bbl | 103.60 | −1.12% |
| Natural gas (NYMEX), $/MMBtu | 2.895 | +1.37% |
| Copper (COMEX), $/lb | 6.4020 | −2.16% |
| US dollar / rupee | 94.730 | +0.00% |
India (IBJA): 24-carat gold (999) ₹1,37,576 per 10 g (+0.04%) and silver (999) ₹1,76,425 per kg (−1.97%), closing rates of 3 November without GST.
Important news
- India bonds end tad higher on softer oil: Indian government bonds experienced a modest rise as the 10-year bond yield neared a one-month peak. Investor optimism was bolstered by decreasing oil prices, although caution was still prevalent ahead of the upcoming US midterm elections. The benchmark bond…
- Indian gold demand down 30% in September quarter as high prices hurt jewellery sales: Hike in import duty leads to 50 tonnes being smuggled, while demand recovery is likely in the December quarter on softer prices, festive buying and extended wedding season
- Nifty crosses 23,800 for first time since August on falling crude prices, earnings boost: FMCG was the standout sector, gaining over 3 per cent, led by Marico, which jumped 10 per cent to ₹878.40 after reporting a 29.16 per cent year-on-year rise in Q2FY27 consolidated profit.
- Gold In Dubai Looks Cheaper: Will Indians End Up Paying More After Returning Home: Gold is cheaper in Dubai mainly because the UAE does not charge import duties or heavy domestic sales taxes on gold bullion and jewellery.
- Silver prices crash ₹8,500/kg, gold drops ₹2,000/10g as US-Iran tensions revive inflation fears; is more fall ahead?: Silver futures fell to the lowest level since late November 2025, erasing Monday’s gains as reports of a US strike on Iran sent oil prices higher and revived inflation concerns. Gold also declined, while investors weighed interest-rate expectations, US…
- Rupee nudges higher, forward premiums dip with focus on US midterm, oil moves: On Tuesday, the Indian rupee gained slightly against the dollar, closing at 94.74 per dollar. This change occurred as investors awaited the results of the US midterm elections and developments in the Iran war. Oil prices rebounded, raising concerns about…
Intraday levels for today (4 November)
The first level on each side is the one to watch at the open.
| Commodity (MCX) | Resistance | Support |
|---|---|---|
| Gold (₹/10 g) | 1,40,624, then 1,41,795 | 1,38,072, then 1,36,691 |
| Silver (₹/kg) | 1,83,306, then 1,86,915 | 1,75,670, then 1,71,643 |
| Crude oil (₹/bbl) | 9,360, then 9,615 | 8,861, then 8,617 |
| Natural gas (₹/MMBtu) | 278.4, then 282.3 | 271.0, then 267.5 |
| Copper (₹/kg) | 1,384.27, then 1,403.13 | 1,346.32, then 1,327.23 |
International levels (in $):
| Commodity | Resistance | Support |
|---|---|---|
| Gold ($/oz) | 3,980.0, then 4,019.7 | 3,902.4, then 3,864.5 |
| Silver ($/oz) | 50.905, then 52.058 | 48.610, then 47.468 |
| Crude oil WTI ($/bbl) | 98.74, then 101.40 | 93.51, then 90.94 |
| Crude oil Brent ($/bbl) | 106.94, then 110.28 | 100.53, then 97.46 |
| Natural gas ($/MMBtu) | 2.933, then 2.972 | 2.852, then 2.810 |
How to read them: Gold's pivot is about ₹1,39,243, and the last price is above it; ₹1,40,624 is the first hurdle and ₹1,38,072 the first support. Silver's pivot is about ₹1,79,279, and the last price is above it; ₹1,83,306 is the first hurdle and ₹1,75,670 the first support. Crude oil's pivot is about ₹9,116, and the last price is below it; ₹9,360 is the first hurdle and ₹8,861 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 | 1,334.77 |
Gold is below its weekly pivot of ₹1,40,359. Silver is below its weekly pivot of ₹1,85,113.
Events to watch today
- US crude inventories (EIA): around 9:00 pm IST; a bigger-than-expected draw usually supports crude.
- 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 94.73. For today, gold ₹1,39,243 is the pivot to watch: holding above it keeps the tone firm, while a slip below ₹1,38,072 opens ₹1,36,691. Crude's range is ₹8,861–₹9,360, with Brent at $103.60; 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.