Gold slides Rs 11,000 from peak as dollar strengthens: Silver outperforms with festive boost; should you buy the dip or wait for more correction?

Gold prices slipped close to a three-week low on Monday, dragged down by a stronger dollar and easing trade tensions between the US and China. On the Multi Commodity Exchange (MCX), gold opened weaker at Rs 1,21,284 per 10 grams, down Rs 224 or 0.18%, while silver prices gained Rs 1,087 or 0.73% to Rs 1,49,374 per kg.The yellow metal has now fallen nearly Rs 11,000 from its all-time high of Rs 1,32,294 per 10 grams hit on October 17, according to an ET report. Globally, spot gold was down 0.8% at $3,968.76 per ounce, while US gold futures for December delivery slipped 0.5% to $3,978.30.Last week, both precious metals ended lower amid volatility. On MCX, gold December futures settled at Rs 1,21,232 per 10 grams, down 0.23%, while silver December futures closed at Rs 1,48,287 per kg, down 0.37%.Analysts said gold’s weakness comes as investors scaled back expectations of a Federal Reserve rate cut this year after Chair Jerome Powell’s hawkish comments. The dollar index surged to a three-month high, and US 10-year bond yields moved past 4%, reducing safe-haven demand for bullion.“The Fed Chairman also said there is no guarantee of interest rate cuts in December, which limited gains in precious metals,” said Manoj Kumar Jain of Prithvifinmart Commodity Research, quoted ET. “However, continued central bank buying and global uncertainty are lending some support to gold and silver.”Jain expects gold and silver to remain volatile this week, tracking movements in the dollar and global risk sentiment. He sees gold trading in the range of $3,870–4,140 per troy ounce and silver between $46.50–50.50.On MCX, Jain sees support for gold at Rs 1,20,600–1,19,800 and resistance at Rs 1,22,000–1,22,700. Silver support is pegged at Rs 1,47,000–1,45,500, with resistance at Rs 1,50,000–1,51,500. He recommends buying gold on dips near Rs 1,20,400 with a stop loss of Rs 1,19,350 and targeting Rs 1,22,000, while silver may be bought near Rs 1,47,000–1,46,000 for Rs 1,50,000–1,51,500.Gold prices in key cities

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