Gold and silver prices rise on MCX amid positive global cues and a weaker dollar. Experts highlight key support and resistance levels for traders to watch on November 7, 2025.
Gold and silver prices on the MCX witnessed an uptick on Friday, November 7, 2025, as positive global cues and a weakening dollar supported precious metal demand. At 9:15 AM, MCX Gold December futures rose by 0.27% to ₹1,20,939 per 10 grams, while MCX Silver December futures gained 0.60% to ₹1,47,938 per kilogram.
Global Factors Driving Precious Metals
The international gold market saw a boost following private-sector employment reports, which raised expectations of a potential US Federal Reserve rate cut in December. Additionally, the ongoing US government shutdown, which started on October 1 and has now become the longest in US history, increased the demand for safe-haven assets like gold and silver.
The dollar index also slipped below the 100-mark, further supporting gold prices. A weaker dollar typically makes gold more affordable for international buyers, fueling higher demand.
Expert Insights on Price Movements
Manoj Kumar Jain, from Prithvifinmart Commodity Research, noted, “Gold and silver are encountering strong resistance at higher levels but are maintaining key support zones. The dollar’s decline and geopolitical uncertainties are sustaining safe-haven demand.”
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Jain added that gold is holding its make-or-break level at $3,870 per troy ounce, while silver is holding support at $46.50 per troy ounce. He expects volatility to continue in today’s trading session due to fluctuations in the dollar index, global markets, and the ongoing US government shutdown.
Expected Trading Ranges
According to Jain, gold is likely to trade between $3,922 and $4,054 per troy ounce, while silver may move within $47 to $48.84 per troy ounce. On the MCX, gold has support at ₹1,20,000 and ₹1,19,400, with resistance at ₹1,21,200 and ₹1,21,850. Silver’s support stands at ₹1,46,100 and ₹1,45,000, and resistance at ₹1,48,200 and ₹1,49,400.
Rahul Kalantri, VP of Commodities at Mehta Equities, echoed similar levels, citing gold support at $3,930 and $3,900, with resistance at $4,025 and $4,055. For silver, support is $47.50 and $47.15, with resistance at $48.35 and $48.70.
In Indian rupees, Kalantri added, “Gold has support at ₹1,19,870 and ₹1,19,280, while resistance is at ₹1,21,090 and ₹1,21,600. Silver support is ₹1,46,450 and ₹1,45,750, and resistance lies at ₹1,48,340 and ₹1,49,280.”
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