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MCX GOLD AND SILVER PRICES LOSE VEINS AHEAD OF INDIA`S FESTIVE SEASON

Published on Nov 03, 2026 10:18

Gold and silver prices experienced a decline in Tuesday’s electronic trading, with gold declining towards $3,900 per ounce and silver falling below $49, erasing prior session advances as a recovery in oil prices reignited anxieties regarding inflationary pressures and protracted Middle East supply disruptions. Reports of a US strike on Iran’s Qeshm Island amplified geopolitical uncertainty, instigating broader weakness across precious and industrial metals, including copper, platinum and palladium. Concurrently, the US dollar index remained near 101.5 as investors maintained a circumspect stance in anticipation of the US midterm elections, which have the potential to reshape control of Congress and contribute to policy uncertainty. On the MCX, December gold futures decreased approximately 2% to Rs.1,37,960 per 10 grams, while silver futures plunged more than 4% to Rs.1,75,966 per kg. The recent abatement in domestic gold prices has the potential to provide a favorable impetus to festive purchasing in India as Diwali, the festival of lights, approaches.