Commodity Market Today 6 Nov: Gold, Silver, Crude Levels
On this page 6 sections
In short: In the last session, MCX gold rose 0.60% to ₹1,44,095, silver fell 0.32%, crude rose 2.34%, natural gas fell 0.07%. Overseas, international gold rose 0.99% to $4,113.5 an ounce and Brent crude rose 3.88% to $98.29 a barrel. The rupee closed at 94.52 per dollar (stronger by 23 paise).
What happened yesterday (5 November)
| Commodity (MCX) | Close | Change | Change (%) |
|---|---|---|---|
| Gold (Dec), ₹/10 g | 1,44,095 | +861 | +0.60% |
| Silver (Dec), ₹/kg | 1,87,140 | −595 | −0.32% |
| Crude oil (Nov), ₹/bbl | 8,560 | +196 | +2.34% |
| Natural gas (Nov), ₹/MMBtu | 282.1 | −0.2 | −0.07% |
| Copper (Nov), ₹/kg | 1,351.15 | −16.90 | −1.24% |
| International | Close | Change (%) |
|---|---|---|
| Gold (COMEX), $/oz | 4,113.5 | +0.99% |
| Crude oil WTI (NYMEX), $/bbl | 90.52 | +2.72% |
| Crude oil Brent (ICE), $/bbl | 98.29 | +3.88% |
| Natural gas (NYMEX), $/MMBtu | 2.947 | −0.41% |
| Copper (COMEX), $/lb | 6.2700 | −2.08% |
| US dollar / rupee | 94.515 | −0.25% |
India (IBJA): 24-carat gold (999) ₹1,44,129 per 10 g (+1.77%) and silver (999) ₹1,87,300 per kg (+0.63%), closing rates of 5 November without GST.
Important news
- Gold Rose After 8 Of The Last 13 Midterms. The Exceptions Are The Interesting Part: Data across the 13 U.S. midterm elections since 1974 reveals that gold's average price in the November following an election was higher eight times, delivering an average gain of 14% and a median move of 15%.
- Rising oil prices cap India bond rally; traders cash in gains: Indian government bonds saw a rise as traders reacted to a US Treasury rally and falling crude prices. The benchmark 6.94% 2036 bond yield declined by nearly 2 basis points after intraday fluctuations. Oil prices rebounded after initially falling, causing…
- Rupee finds its footing as oil worries cool, traders watch flow momentum: The Indian rupee climbed to its highest value in two weeks, following a notable fall in oil prices. This uplifting trend was mirrored by a stark rise in Indian stock markets and a reduction in bond yields. Recently, foreign investments poured into Indian…
- Eurozone bond yields edge lower as oil prices stabilise, ECB rate bets ease: Eurozone government bond yields edged lower as oil prices stabilised and investors assessed easing geopolitical risks following US midterm elections. However, rising inflation, potential ECB rate hikes and political uncertainty in France continued to shape…
- Gold loans hit ₹22.5 lakh crore; CIBIL finds borrowers are taking bigger loans: India's gold loan market is witnessing a sharp shift, with borrowers increasingly returning for repeat loans and opting for bigger ticket sizes. But what does the latest data reveal about borrowing habits, repayment trends and the risks lenders are watching?
- Nifty crosses 24,500, Sensex gains 2,070 points as crude extends slide; Bajaj finance leads rally: A total of 117 stocks hit 52-week highs against 60 touching 52-week lows, while 213 stocks were locked in upper circuits and 152 in lower circuits, indicating strong but not entirely uniform breadth.
Intraday levels for today (6 November)
The first level on each side is the one to watch at the open.
| Commodity (MCX) | Resistance | Support |
|---|---|---|
| Gold (₹/10 g) | 1,45,686, then 1,47,277 | 1,42,927, then 1,41,759 |
| Silver (₹/kg) | 1,90,496, then 1,93,852 | 1,84,234, then 1,81,328 |
| Crude oil (₹/bbl) | 8,706, then 8,851 | 8,303, then 8,045 |
| Natural gas (₹/MMBtu) | 285.1, then 288.0 | 278.0, then 273.8 |
| Copper (₹/kg) | 1,367.80, then 1,384.45 | 1,342.00, then 1,332.85 |
International levels (in $):
| Commodity | Resistance | Support |
|---|---|---|
| Gold ($/oz) | 4,157.2, then 4,200.9 | 4,068.4, then 4,023.3 |
| Crude oil WTI ($/bbl) | 92.34, then 94.17 | 87.67, then 84.83 |
| Crude oil Brent ($/bbl) | 100.55, then 102.80 | 94.74, then 91.18 |
| Natural gas ($/MMBtu) | 2.988, then 3.030 | 2.912, then 2.878 |
How to read them: Gold's pivot is about ₹1,44,518, and the last price is below it; ₹1,45,686 is the first hurdle and ₹1,42,927 the first support. Silver's pivot is about ₹1,87,590, and the last price is below it; ₹1,90,496 is the first hurdle and ₹1,84,234 the first support. Crude oil's pivot is about ₹8,448, and the last price is above it; ₹8,706 is the first hurdle and ₹8,303 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 | 1,42,811 |
| 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 | 7,848 |
| Natural gas (₹/MMBtu) | 303.0, then 329.0 | 244.3, then 211.6 | 277.8 |
| Copper (₹/kg) | 1,399.88, then 1,416.72 | 1,368.13, then 1,353.22 | 1,334.77 |
Gold is above its weekly pivot of ₹1,40,359. Silver is above its weekly pivot of ₹1,85,113.
Events to watch today
- US Baker Hughes rig count: around 11:30 pm IST; a weekly signal for US oil supply.
- 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 rose 0.60% while silver fell 0.32%, with the rupee stronger at 94.52. For today, gold ₹1,44,518 is the pivot to watch: holding above it keeps the tone firm, while a slip below ₹1,42,927 opens ₹1,41,759. Crude's range is ₹8,303–₹8,706, with Brent at $98.29; 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.