Gold and silver prices have recovered from recent lows but may face upside resistance as the festive season approaches. According to The Times of India, MCX gold is targeting ₹1.5 lakh with a stop loss at ₹1.38 lakh, while silver is eyeing ₹2.1 lakh with a stop loss at ₹1.74 lakh. Abhilash Koikkara, Head - Forex & Commodities at Nuvama Professional Clients Group, notes that gold prices have rebounded from recent lows following the market's reaction to US Midterm Election results and managed to sustain above the long-term support zone formed by previous swing lows since January 2026. The daily chart indicates a revival of buying interest post the event, suggesting that bullish momentum could strengthen further over the coming trading sessions.
Gold and silver prices witnessed a sharp rise on November 4, just ahead of the Dhanteras festival, bringing fresh changes to the precious metals market. According to the India Bullion and Jewellers Association (IBJA), the price of 10 grams of 24-karat gold increased by ₹3,486 to reach ₹1.41 lakh, while silver prices also recorded a significant jump with the price of one kilogram rising by ₹7,775 to reach ₹1.84 lakh. This latest surge comes just ahead of Dhanteras, when buying gold and silver is considered auspicious, with the rise in prices potentially impacting the festive shopping budgets of consumers planning to purchase jewellery and precious metals.
Gold prices in India recorded significant gains on November 5, 2026, with 24K gold prices rising by ₹32,200 or 2.24% to ₹1,46,020 per 10 grams in Bangalore, according to Goodreturns. The surge came after Democrats secured majorities in both the US Senate and House of Representatives, marking a major setback for President Donald Trump. As per Mint, gold prices rebounded sharply as a weaker US dollar and declining US Treasury yields boosted demand for the precious metal. Spot gold climbed 1.9% to $4,134.83 per ounce by 0316 GMT on Thursday, hitting its highest level since 22 October, with the yellow metal gaining around 3.4% on Wednesday - marking its biggest single-day rise since 19 August. This represents one of the strongest single-day surges by more than ₹32,000 in 100 grams and ₹3,200 in 10 grams, with gold witnessing its biggest single-day surge since August.
Silver prices in India recorded their first gains of the month and in 10 days on November 5, with rates jumping by ₹2,810 or 1.49% to ₹1,90,830 per kg in Bangalore, as reported by Mint. According to Goodreturns, silver prices gained by ₹1,000 and ₹100 in 100 grams and 10 grams to reach ₹21,000 and ₹2,100 respectively. The precious metal had been unchanged from November 1st to 4th, after crashing by ₹20,000 between October 29th to 31st. This marks the first hike in five days of November, with silver previously flat before that period. In the latest trading session, MCX silver futures were trading higher by ₹1,052 or 0.56% at ₹1,88,787 per kg, with the contract touching an intraday high of ₹1,90,946. Over two trading sessions, silver prices have surged by ₹11,248 or 6.25%, demonstrating strong recovery momentum.
MCX gold futures with December delivery rose by 1.78% to ₹1,45,780 per 10 grams on Thursday, while silver futures gained 1.42% to ₹1,90,393 per kg, as reported by Mint. The strong performance in futures markets reflected the broader rally in precious metals driven by the weakening dollar and increased demand expectations. December gold futures closed Wednesday at ₹1,43,234 per 10 grams, up ₹3,782 or 2.71% from the previous close, according to Vikram Subburaj, CEO of Giottus.com. December silver futures settled at ₹1,87,735 per kg, rising ₹8,037 or 4.48%, as per Goodreturns. MCX gold futures with December delivery had previously jumped over 2.7% on Wednesday, November 4, to finally settle at ₹1,43,234, crossing the crucial ₹1,40,000 mark.
At around 6:00 a.m. on November 5, 24K gold price stood at ₹1,43,770 per 10 gm, while silver was at ₹2.10 lakh per kg following the latest gains. According to Goodreturns, silver rates across major Indian cities are uniform at ₹2.10 lakh per kg, with Chennai, Hyderabad, and Kerala being the most expensive markets. City-wise rates show Mumbai, Delhi, Kolkata, Bengaluru, and other major cities maintaining consistent pricing. In Bangalore specifically, 22K gold rates are ₹1,33,943 per 10 gm, 20K gold rates are ₹1,21,767 per 10 gm, and 18K gold rates are ₹1,09,590 per 10 gm, as per Mint. Silver rates include 999 fine silver at ₹1,90,830 per kg, 925 sterling silver at ₹1,76,518 per kg, and 900 silver coin at ₹1,71,747 per kg. The Times of India recommends a buy-on-dips strategy for gold with target ₹1.5 lakh and stop loss at ₹1.38 lakh, while for silver, a cautious buy-on-dips approach with target ₹2.1 lakh and stop loss at ₹1.74 lakh is suggested.
Gold prices have witnessed their biggest single-day surge since August and have been rising throughout this trading week so far. In a span of four days, gold has jumped the highest by ₹71,400 in 100 grams, making it one of the best-performing weeks for bullion. The rally in precious metals is being further supported by the approaching festive season with Dhanteras falling on Friday, 6 November, where demand for precious metals traditionally remains high. As per Vikram Subburaj, CEO of Giottus.com, the rally reflects renewed demand for precious metals after US midterm election results weighed on the dollar. However, markets continue to price in a high probability of a Federal Reserve rate increase in December, with expectations of tighter monetary policy potentially supporting the dollar and limiting upside for gold and silver. For Indian investors, currency movements will remain important alongside international prices, with a weaker rupee potentially amplifying gains in domestic bullion. According to Jigar Trivedi, Senior Research Analyst at IndusInd Securities, the outlook for silver remains positive with COMEX silver having strong support in the $48-$50 zone and resistance in the $55-$60 range, while on MCX, support is seen at ₹1,75,000 per kg with resistance at ₹2,10,000-₹2,20,000 per kg.
