Gold and silver prices staged a recovery on Monday, November 2, after suffering a sharp sell-off in the previous trading session. The rebound offered some relief to investors following a steep decline in precious metal prices, although uncertainty over inflation, interest rates and global economic developments continued to influence market sentiment.
In the domestic market, gold and silver futures on the Multi Commodity Exchange (MCX) opened higher, tracking a recovery in international bullion prices. MCX gold futures for December delivery were trading around ₹1,39,065 per 10 grams, up 0.42% from the previous close in early trade. Silver futures gained around 1.38% to ₹1,81,611 per kg.
The recovery followed a difficult period for precious metals, with gold and silver witnessing heavy selling pressure towards the end of October. Gold had fallen to its lowest level in about a year, while silver also recorded a significant decline. The latest gains, however, indicate that some investors are returning to the market after the sharp correction.
Gold bullion was quoted at approximately ₹1,39,310 per 10 grams on Monday, while silver traded around ₹1,81,840 per kg, according to market data. Prices differed slightly across cities depending on local taxes, transportation costs and other charges.
Among major cities, Bengaluru recorded a 24-carat gold rate of ₹1,39,170 per 10 grams. The price of 22-carat gold stood at ₹1,27,573, while 18-carat gold was quoted at ₹1,04,378 per 10 grams. Silver of 999 purity was priced at ₹1,81,660 per kg.
In Mumbai, 24-carat gold was priced at ₹1,39,020 per 10 grams, while 22-carat gold stood at ₹1,27,435. The 18-carat gold rate was ₹1,04,265 per 10 grams. Silver was quoted at ₹1,81,590 per kg.
Delhi recorded a 24-carat gold price of ₹1,38,780 per 10 grams. The rate for 22-carat gold was ₹1,27,215, while 18-carat gold was available at ₹1,04,085. Silver prices in the national capital stood at ₹1,81,280 per kg.
In Kolkata, 24-carat gold was priced at ₹1,38,830 per 10 grams, while 22-carat and 18-carat gold rates were ₹1,27,261 and ₹1,04,123, respectively. Silver was quoted at ₹1,81,350 per kg.
Chennai reported a 24-carat gold rate of ₹1,39,420 per 10 grams. The price of 22-carat gold stood at ₹1,27,802, while 18-carat gold was priced at ₹1,04,565. Silver was quoted at ₹1,82,120 per kg.
In Hyderabad, 24-carat gold was available at ₹1,39,340 per 10 grams. The 22-carat rate stood at ₹1,27,728, while 18-carat gold was priced at ₹1,04,505. Silver was quoted at ₹1,82,050 per kg. Ahmedabad recorded 24-carat gold at ₹1,39,310 per 10 grams, with 22-carat and 18-carat rates at ₹1,27,701 and ₹1,04,483, respectively. Silver stood at ₹1,82,010 per kg.
The recovery in bullion prices was supported partly by a decline in crude oil prices, which eased some concerns about inflation. Lower energy prices can reduce pressure on inflation and influence expectations about the direction of interest rates. This helped gold and silver regain some ground after the previous session’s steep losses.
However, the broader outlook for gold remains uncertain. Expectations that the US Federal Reserve could raise interest rates in December have weighed on the precious metal. Higher interest rates generally make gold less attractive because it does not generate interest income. Investors may instead prefer assets that offer returns through interest payments.
Recent inflation data in the US and comments from Federal Reserve officials have strengthened expectations of tighter monetary policy. Market participants are also watching employment figures and other economic indicators for clues about the central bank’s next move. The upcoming US employment report is expected to be an important trigger for financial markets.
The recent fall in technology stocks also contributed to selling pressure in bullion. Some investors reportedly sold gold holdings to meet margin requirements and cover losses elsewhere in their portfolios. This added to the weakness in precious metals despite their traditional appeal as safe-haven investments.
Silver, meanwhile, has been moving in line with the broader precious metals trend. The metal gained in early trading on Monday after registering a sharp fall in the previous session. Its prices are influenced by both investment demand and industrial consumption, making it sensitive to changes in economic expectations.
Investors are also keeping an eye on geopolitical developments, including tensions involving the US and Iran, which could influence demand for safe-haven assets. Any fresh uncertainty in global markets may affect the movement of gold and silver in the coming sessions.
For consumers planning jewellery purchases, the latest recovery is a reminder that bullion prices remain volatile. The quoted rates are indicative and can change during the day. The final price paid at a jewellery store may be higher after adding making charges, applicable taxes and other costs.
Despite Monday’s rebound, the recent correction suggests that investors may remain cautious until there is greater clarity on inflation and interest rates. Gold and silver prices are likely to respond closely to global economic signals and changes in market demand.