Gold and silver futures opened higher on the MCX on Monday, November 2, with December gold futures opening ₹518 higher at ₹1,39,003 per 10 grams and silver futures gaining ₹1,962 to ₹1,81,094 per kg. At the time of writing, gold futures were trading ₹248 higher at ₹1,38,733 per 10 grams, while silver futures were up ₹1,993 to ₹1,81,125 per kg. In global markets, gold futures on Comex were trading near $4,000 per ounce, while silver was trading near $50 per ounce. Internationally, spot gold jumped above $3,900 per ounce this morning, making a slight recovery from the slump last week. The recovery follows a sharp fall last week, with gold declining 3.7% on Friday and silver falling nearly 6%, as reported by Business Standard. Gold rates in India today jumped by ₹490 per 10 grams to cost ₹1,39,370 for 24-carat gold, while 22-carat gold price stands at ₹1,27,750 per 10 grams after a rise of ₹450.
According to Manav Modi, Senior Analyst at Motilal Oswal Financial Services, gold enters the week near ₹138,500 after extending its October correction, with the hourly structure continuing to reflect a clear sequence of lower highs and lower lows. Prices have declined sharply from above ₹151,000 earlier in October and are currently trading well below the 20-period average near ₹140,660, confirming continued selling pressure. The Bollinger Bands are placed around ₹143,877 on the upside and ₹137,442 on the downside, with prices trading close to the lower band after the latest breakdown. Immediate support is placed around ₹137,400–138,000, followed by ₹135,000–136,000; a sustained break below this zone could expose ₹132,000–133,000. On the upside, ₹140,500–141,000 is now the first important hurdle, followed by ₹143,000–144,000. A sustained recovery above ₹144,000 would be required to meaningfully improve the short-term structure and could open the way towards ₹146,000–147,000. The near-term technical bias remains sideways to lower below ₹141,000, although the magnitude and speed of the recent correction increase the possibility of short-covering or a technical rebound.
Gold prices are expected to surge this week as people flock to buy gold and silver items on the auspicious Dhanteras, which will be celebrated on November 6th, and Diwali, which will be celebrated on November 8th. Despite a bearish trend, October has been a little bearish for gold prices, as the 24K, 22K, and 18K gold prices fell around 7% that month. Given the high demand during these festivals, the market will see a spike in gold prices, with the bigger weight variant of gold also seeing the same spike - 100 grams of 24-carat gold rates now retail at ₹1,39,370, and the 22-carat gold rates per 100 grams now cost ₹1,27,750. Silver rates in India today stayed unchanged after slumping by ₹20,000 last week, currently 1 kg of silver in India costs ₹2,00,000, while 100 g of silver rates in India retail at ₹20,000.
Three Federal Reserve officials on Friday called for further interest rate increases to tackle elevated inflation, marking the first round of public statements by central bank officials following last week's monetary policy meeting at which short-term borrowing costs were left unchanged. US inflation data showed that consumer prices accelerated in September as households paid more for gasoline and other goods, reinforcing economists' expectations of a Fed rate hike in December. According to the CME FedWatch Tool, traders are currently pricing in a 75% probability of a 25-basis-point increase by the Federal Reserve in December. Markets are pricing in a nearly 75% chance of a rate hike in December, according to the CME's FedWatch tool. Higher interest rates increase the opportunity cost of holding non-yielding assets such as gold, making the metal less attractive to investors. The US employment report due on November 6 will be the next key trigger for the market, as noted by Vikram Subburaj, CEO of Giottus.com, as reported by Business Standard.
Vikram Subburaj, CEO of Giottus.com, said gold and silver prices were recovering in Asian trade on November 2 as falling crude oil prices eased inflation concerns and provided support to precious metals. According to Trading Economics, gold prices were impacted by the declining oil prices, which eased concerns over inflation and potential interest rate increases. Oil prices declined amid signs of ongoing diplomatic efforts to prevent renewed US military action against Iran following the midterm elections. Last week, gold faced significant selling pressure as persistent concerns over energy-driven inflation strengthened expectations of further Fed rate increases. The recovery follows a weak week for bullion, with overseas December gold futures on COMEX losing nearly 3% to settle at $3,898.90 per ounce, while silver declined around 9% to $49.27 per ounce. Bullion gained as much as 1.1% to near $3,915 an ounce, clawing back some losses after a 3.7% slump in the previous session that rounded off the worst October for the metal since 2008, as reported by Bloomberg. Spot gold climbed 0.7% to $3,903.15 an ounce at 11:34 am and spot silver climbed 1.8% to $49.97, according to a Reuters report.
Gold and silver prices across major Indian cities showed uniform recovery trends on November 2, with Chennai and Bangalore leading the gains. MCX gold futures were trading 0.40% higher at ₹1,39,400 per 10 grams at around 9:13 am in the domestic futures market, while MCX silver futures rose by around 1.15% to ₹1,82,250 per kg. At time of writing, gold bullion was trading at ₹1,39,310 per 10 grams on Monday, 2 November 2026, while Silver was at ₹1,81,840 per kg, data on the official bullion website showed. Gold prices in Chennai were ₹1,39,420 per 10 grams (₹250 more than Bangalore's ₹1,39,170), 22-karat gold at ₹1,27,802 (₹229 more), and 18-karat gold at ₹1,04,565 (₹187 more). Silver 999 Fine in Chennai was ₹1,82,120 per kg (₹460 more than Bangalore's ₹1,81,660). Mumbai gold prices were ₹1,39,020 for 24-karat, ₹1,27,435 for 22-karat, and ₹1,04,265 for 18-karat, while silver was ₹1,81,590 per kg. Delhi showed 24-karat gold at ₹1,38,780, 22-karat at ₹1,27,215, and 18-karat at ₹1,04,085, with silver at ₹1,81,280 per kg. Kolkata prices were ₹1,38,830 for 24-karat, ₹1,27,261 for 22-karat, and ₹1,04,123 for 18-karat, with silver at ₹1,81,350 per kg. Hyderabad recorded 24-karat gold at ₹1,39,340, 22-karat at ₹1,27,728, and 18-karat at ₹1,04,505, with silver at ₹1,82,050 per kg. Ahmedabad showed 24-karat gold at ₹1,39,310, 22-karat at ₹1,27,701, and 18-karat at ₹1,04,483, with silver at ₹1,82,010 per kg.
