Gold prices saw a sharp rise on Monday, 10th November. On MCX, by 2:30 PM, gold was trading at ₹1,23,250 per 10 grams, up 1.8%. Both domestic and international markets recorded nearly 2% gains, boosting investor sentiment. Experts consider this a good buying opportunity for long-term investors.

Gold Falls from Record High

Gold reached $4,381.5 per ounce intraday on 20th October, which was 33.3% above its 200-day moving average (DMA)—the first time since May 2006. Profit booking followed, and prices fell.

In international markets, gold was trading at $4,084 per ounce, up 2.08% by 10 AM. This is still 6.78% below its all-time high.

Christopher Wood, Global Head of Equity Strategy at Jefferies, said that any further dip in gold prices could provide a good entry point. The 200-DMA currently stands at $3,371/oz, around 23.1% below the recent peak.

Strong Rally Over the Past Year

Over the past year, gold has been one of the strongest asset classes, gaining 53.3%. Factors like US tariffs, geopolitical tensions, and safe-haven demand have supported gold.

According to the World Gold Council (WGC), a total of 200 tons of gold has been purchased globally this year. The top buyers in 2025 are:

• Poland – 67 tons

• Kazakhstan – 40 tons

• Azerbaijan – 38 tons

Gold Outlook

Analysts remain positive on gold in the long term, though short-term consolidation is expected. Julius Baer notes that gold is in a “multi-month consolidation phase,” with possible downside to $3,500/oz.

Yves Bonzon, Group CIO at Julius Baer, said they favor buying on dips due to fiscal pressures in developed economies.

Support from Weak US Data

The University of Michigan Consumer Sentiment Index fell to 50.3 in November, the lowest since mid-2022. Weak consumer sentiment has raised demand for gold as a safe-haven asset. Dollar weakness and falling US Treasury yields have also supported gold prices.

Technical Support and Resistance

World Gold Council (WGC) key levels:

• First major support: ~$3,800/oz

• Long-term support: ~$3,500/oz

• Resistance levels: $4,420, $4,500–4,520, $4,675/oz

A rise to $4,675/oz could mean 14.47% upside potential.

Gold Rate in India

On MCX, by 2:30 PM, gold was trading at ₹1,23,250 per 10 grams.

• At support → ₹1,05,000 per 10 grams

• At key resistance → ₹1,41,000 per 10 grams

Disclaimer: This information is for informational purposes only. Investors should consult market experts before making investment decisions.