Mumbai, November 6: Gold prices surged on November 6, bouncing back from a one-week low due to a weaker dollar, increased demand for safe-haven assets, and fresh buying ahead of the peak wedding season. Despite stronger-than-expected U.S. jobs data, which raised expectations that the Federal Reserve may pause rate cuts, gold saw an upward move.

In intra-day trading, 10 grams of 24-carat gold was priced at Rs 1,20,100, while MCX Gold December futures rose by 0.74% to Rs 1,21,410 per 10 grams. Silver also gained, up by 1.03% at Rs 1,48,884 per kg.

The dollar index fell by 0.20%, but remained above the 100-mark, while U.S. 10-year Treasury yields stayed near a one-month high. Strong U.S. job data from October increased concerns over potential delays in rate cuts.

Market analysts noted that gold and silver remained supported by safe-haven buying amid rising political uncertainty in the U.S. Analysts expect continued volatility in precious metal prices due to global financial market fluctuations and upcoming U.S. economic reports.