Two Days Before Dhanteras, Gold Jumps to Rs 1,41,980: Will Festive Buyers Still Show Up?
Gold hit Rs 1,41,980 and silver Rs 1,85,000 on Nov 4, two days before Dhanteras. Here’s what a weaker dollar and global tensions mean for festive buyers.
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.
