Key Highlights

  • Domestic surge: 24-karat gold rose 1.4% to Rs 1,41,980 per 10 grams, and 999 fine silver gained Rs 4,520 (2.5%) to Rs 1,85,000 per kg as of 11.10 am.
  • MCX momentum: December gold futures were up 1.76% at Rs 1,41,911. December silver futures were up 3.09% at Rs 1,85,249 per kg.
  • Global triggers: A weaker US dollar, lower Treasury yields and softer crude prices helped bullion recover from Tuesday's sharp fall.
  • Geopolitics in focus: Russia has agreed to three-way peace talks with Ukraine and the US in Abu Dhabi on November 10–11, while Iran–US negotiations are still uncertain.
  • Demand warning: The World Gold Council says India's gold demand fell 29% year-on-year to 162.5 tonnes in July–September 2026.

The timing could not be more awkward for Indian households. With Dhanteras falling on Friday, 6 November, followed by Diwali on Sunday, 8 November, gold and silver prices jumped again on Wednesday. Families planning their customary festive purchase will now pay noticeably more than they would have just a day earlier.

In the domestic market, 24-karat gold touched Rs 1,41,980 per 10 grams as of 11.10 am, up 1.4 per cent. Silver rose faster. 999 fine silver gained Rs 4,520 per kg, or 2.5 per cent, to reach Rs 1,85,000 per kg.

Futures followed the same pattern. On the Multi Commodity Exchange (MCX), December gold futures climbed 1.76 per cent to Rs 1,41,911 per 10 grams. December silver futures advanced 3.09 per cent to Rs 1,85,249 per kg, which made silver the bigger mover of the session.

What's driving the bounce

The rebound came after a sharp fall in the previous session. Several global factors turned in bullion's favour. Crude oil prices softened, which eased inflation concerns and raised hopes that central banks may have more room to adjust monetary policy. A weaker US dollar and lower Treasury yields also helped. Gold pays no interest, so it usually gains when yields and the dollar fall.

Investors are also watching US political developments, labour market data and signals from the Federal Reserve. According to CME's FedWatch tool, traders currently see a 78 per cent probability of a rate hike in December.

Geopolitics is adding to the safe-haven demand. Russia has agreed to three-way peace talks involving Ukraine and the United States in Abu Dhabi on November 10 and 11. Meanwhile, the outcome of negotiations between Iran and the US remains uncertain.

Internationally, COMEX gold futures rose 0.58 per cent to $3,963.20 per ounce. COMEX silver futures gained 0.48 per cent to $49.99 per ounce, up from the previous close of $49.825.

The festive paradox

The bigger story for India is what these prices are doing to demand. Data from the World Gold Council shows India's gold demand fell 29 per cent year-on-year to 162.5 tonnes in the July–September quarter of 2026. The council blamed record-high prices, a higher import duty and changing buying habits, which together reduced both jewellery purchases and investment demand.

That leaves jewellers in a difficult spot this week. Dhanteras is traditionally the busiest day of the year for gold and silver sales. Even so, many buyers may decide to buy lighter jewellery, coins or token amounts of silver rather than heavy pieces. Some may also put off purchases until the wedding season, hoping prices cool by then.

On the charts, COMEX gold still faces resistance in the $3,970–$4,000 range, with immediate support near $3,900. For MCX Gold, analysts see resistance around Rs 1,41,000, followed by the Rs 1,43,000–Rs 1,43,700 level. Rs 1,40,000 remains the key support zone.

Over the next two days, the Abu Dhabi talks and the next round of US economic data may matter more for prices than any festive buying in India. Shoppers waiting for a dip before Dhanteras may not get one.

(With inputs from IANS)

 Key Highlights

  • Domestic surge: 24-karat gold rose 1.4% to Rs 1,41,980 per 10 grams, and 999 fine silver gained Rs 4,520 (2.5%) to Rs 1,85,000 per kg as of 11.10 am.
  • MCX momentum: December gold futures were up 1.76% at Rs 1,41,911. December silver futures were up 3.09% at Rs 1,85,249 per kg.
  • Global triggers: A weaker US dollar, lower Treasury yields and softer crude prices helped bullion recover from Tuesday's sharp fall.
  • Geopolitics in focus: Russia has agreed to three-way peace talks with Ukraine and the US in Abu Dhabi on November 10–11, while Iran–US negotiations are still uncertain.
  • Demand warning: The World Gold Council says India's gold demand fell 29% year-on-year to 162.5 tonnes in July–September 2026.

The timing could not be more awkward for Indian households. With Dhanteras falling on Friday, 6 November, followed by Diwali on Sunday, 8 November, gold and silver prices jumped again on Wednesday. Families planning their customary festive purchase will now pay noticeably more than they would have just a day earlier.

In the domestic market, 24-karat gold touched Rs 1,41,980 per 10 grams as of 11.10 am, up 1.4 per cent. Silver rose faster. 999 fine silver gained Rs 4,520 per kg, or 2.5 per cent, to reach Rs 1,85,000 per kg.

Futures followed the same pattern. On the Multi Commodity Exchange (MCX), December gold futures climbed 1.76 per cent to Rs 1,41,911 per 10 grams. December silver futures advanced 3.09 per cent to Rs 1,85,249 per kg, which made silver the bigger mover of the session.

What's driving the bounce

The rebound came after a sharp fall in the previous session. Several global factors turned in bullion's favour. Crude oil prices softened, which eased inflation concerns and raised hopes that central banks may have more room to adjust monetary policy. A weaker US dollar and lower Treasury yields also helped. Gold pays no interest, so it usually gains when yields and the dollar fall.

Investors are also watching US political developments, labour market data and signals from the Federal Reserve. According to CME's FedWatch tool, traders currently see a 78 per cent probability of a rate hike in December.

Geopolitics is adding to the safe-haven demand. Russia has agreed to three-way peace talks involving Ukraine and the United States in Abu Dhabi on November 10 and 11. Meanwhile, the outcome of negotiations between Iran and the US remains uncertain.

Internationally, COMEX gold futures rose 0.58 per cent to $3,963.20 per ounce. COMEX silver futures gained 0.48 per cent to $49.99 per ounce, up from the previous close of $49.825.

The festive paradox

The bigger story for India is what these prices are doing to demand. Data from the World Gold Council shows India's gold demand fell 29 per cent year-on-year to 162.5 tonnes in the July–September quarter of 2026. The council blamed record-high prices, a higher import duty and changing buying habits, which together reduced both jewellery purchases and investment demand.

That leaves jewellers in a difficult spot this week. Dhanteras is traditionally the busiest day of the year for gold and silver sales. Even so, many buyers may decide to buy lighter jewellery, coins or token amounts of silver rather than heavy pieces. Some may also put off purchases until the wedding season, hoping prices cool by then.

On the charts, COMEX gold still faces resistance in the $3,970–$4,000 range, with immediate support near $3,900. For MCX Gold, analysts see resistance around Rs 1,41,000, followed by the Rs 1,43,000–Rs 1,43,700 level. Rs 1,40,000 remains the key support zone.

Over the next two days, the Abu Dhabi talks and the next round of US economic data may matter more for prices than any festive buying in India. Shoppers waiting for a dip before Dhanteras may not get one.

(With inputs from IANS)