Gold and silver prices witnessed fresh movements on Thursday, November 5, as international bullion markets recovered following a decline in the US dollar and government bond yields. Gold climbed to its highest level in more than two weeks, supported by renewed investor interest after the latest US midterm election results. However, silver prices showed mixed trends, with domestic futures coming under mild pressure during the day’s trading.
The recovery comes ahead of Dhanteras, which falls on November 6 this year, when gold and silver purchases traditionally pick up across India. The movement in precious metal prices is therefore being closely watched by jewellery buyers, investors and traders preparing for the festive occasion.
According to the latest city-wise rates, 24-carat gold in Delhi was priced at approximately Rs 1,46,170 per 10 grams, while 22-carat gold stood at Rs 1,34,000 per 10 grams. The price of 18-carat gold was around Rs 1,09,670 per 10 grams.
In Mumbai, 24-carat gold was trading at approximately Rs 1,46,020 per 10 grams. Meanwhile, 22-carat gold was priced at Rs 1,33,850 per 10 grams, while 18-carat gold stood at Rs 1,09,520 per 10 grams.
The latest figures indicate that gold continues to remain at elevated levels despite the correction witnessed in recent weeks. Buyers planning jewellery purchases should remember that retail prices can vary depending on the jeweller, making charges, taxes and other applicable costs.
Silver prices also showed considerable movement across domestic markets. In Delhi, silver was quoted at around Rs 2,10,000 per kilogram, or Rs 210 per gram. In Mumbai, the price was approximately Rs 1,86,567 per kilogram, according to the available city-wise rate updates. These differences underline the importance of checking local retail quotations before making a purchase.
In the futures market, silver witnessed a slight decline. December delivery silver contracts on the Multi Commodity Exchange (MCX) fell by Rs 28 to Rs 1,87,707 per kilogram during Thursday’s trading. The decline came as traders reduced their positions following recent price movements.
Gold futures, meanwhile, continued to receive support from the recovery in international bullion prices. December delivery gold contracts on the MCX rose 1.48 per cent to Rs 1,45,356 per 10 grams in early trading. Silver futures also gained around 1.31 per cent to Rs 1,90,200 per kilogram in the earlier session, before subsequent trading updates showed a softer trend.
The global market recovery has been largely driven by movements in the US dollar and Treasury yields. A weaker dollar generally makes gold more affordable for buyers holding other currencies, potentially improving international demand. Similarly, falling bond yields make non-interest-bearing assets such as gold more attractive to investors.
International gold prices climbed nearly 2 per cent to a two-week high on Thursday. The rally followed the US midterm election results, which triggered weakness in the dollar and supported demand for precious metals. Investors are also assessing the broader political and economic implications of the election outcome.
Market participants are now turning their attention towards upcoming US employment figures, scheduled for November 6. The non-farm payrolls report is expected to provide important clues about the health of the US economy and the Federal Reserve’s future interest rate decisions.
Expectations surrounding the Federal Reserve’s monetary policy remain an important factor influencing gold prices. Any indication that interest rates could remain elevated for longer may put pressure on bullion by supporting the dollar and bond yields. On the other hand, expectations of lower interest rates could provide further support to gold and silver.
Market analysts have also cautioned that the recent recovery may not necessarily translate into a sustained rally. Investors are advised to monitor currency movements, global bond yields and economic data before taking fresh positions in precious metals.