Bullion Counter May Open On Positive Note

Dhanteras demand in India can induce physical buying in gold and silver. Gold can move in range of 25500-26000 and Silver can move in range of 34700-35500 in MCX.

Bullion counter may open on positive note as some bounce back can be seen at lower levels after last week fall. Dhanteras demand in India can induce physical buying in gold and silver.

Weak local currency rupee can give support the prices in MCX. Gold can move in range of 25500-26000 and Silver can move in range of 34700-35500 in MCX, according to SMC Global. Gold moved 0.70 per cent up to 25702 level on Monday in MCX.

Employers outside the farming sector added 271,000 jobs in October, the most in 10 months, and the jobless rate fell to a 7-1/2-year low of 5 percent. Economists had forecast nonfarm payrolls increasing 180,000 last month and the unemployment rate remaining at 5.1 percent. Policymakers at the U.S. central bank welcomed the data and investors increased bets that the first rate increase in nearly a decade will come next month, sending the dollar higher.

Hedge funds and money managers cut a bullish stance in COMEX gold as they trimmed a silver net long position from a record high in the week to Nov. 3, U.S. Commodity Futures Trading Commission data showed on Friday.