Gold and silver prices rise, know the latest rates of Delhi-Mumbai and other cities

Gold Silver Rate Today on 3 November: Gold and silver prices rose in the domestic commodity market on Monday. The reason behind this was the weakness in the dollar and good spot buying. On Monday, gold with December expiry rose 0.39% to ₹1,21,708 per 10 grams on the Multi Commodity Exchange (MCX), while silver with December expiry strengthened by 0.69% to ₹1,49,307 per kg.

Short Covering After the Fall
Short covering is now taking place after the decline of the last few days. Investor sentiment has changed due to reduced expectations of a rate cut by the Federal Reserve this year. In the last week of last month, the Federal Reserve cut benchmark interest rates by 25 basis points for the second time this year. Following this, interest rates now range between 3.75% and 4.00%. However, Powell stated that there may not be any rate cut in December.

Gold fell 7% and silver 13% in two weeks.
Gold has been supported by the dollar’s weakness. It has recently seen significant profit booking. The dollar index fell 0.10%. In the domestic spot market, gold has fallen by approximately ₹9,400, or more than 7%, per 10 grams in the past two weeks. Silver, meanwhile, has fallen sharply, falling by ₹22,000, or 13%, per kg.

Today’s gold rate in the top 10 cities of the country

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