New Delhi, November 7, 2026 (Yes Punjab News)
Gold recorded its strongest weekly gain since August, rising nearly 4.5 per cent, while crude oil suffered its steepest weekly decline since April 2020, with prices falling more than 12 per cent.
Market sentiment was influenced by expectations of policy shifts following the US midterm elections, concerns over the global artificial intelligence sector and changing expectations about the Federal Reserve’s interest rate outlook. These factors also prompted a shift in investment flows from equity markets towards commodities.
On Friday, December gold futures on the Multi Commodity Exchange (MCX) declined 1.20 per cent to Rs 1,42,364, while December silver futures advanced 0.10 per cent to Rs 1,84,977 per kg.
WTI crude oil retreated from above $104–$105 per barrel to around $90, while Brent crude eased to the $97–$98 range. Both benchmarks registered weekly losses of more than 12 per cent.
According to the India Bullion and Jewellers Association (IBJA), the price of 10 grams of 24-carat gold stood at Rs 1,41,452 on Friday, compared with Rs 1,40,054 at the previous week’s close.
Despite the weekly gain, gold prices pulled back from intraday highs after stronger-than-expected US employment data lifted the dollar and Treasury yields. The October employment report showed non-farm payrolls rising by 1,65,000 against market expectations of 65,000, while the unemployment rate declined to 4.1 per cent from 4.2 per cent.
The data reinforced expectations of further monetary tightening by the Federal Reserve. The implied probability of a December rate hike rose to around 81 per cent, while the US 10-year Treasury yield approached 4.88 per cent. A stronger dollar and higher yields renewed pressure on precious metals towards the end of the week.
Analysts said lower international gold prices also attracted physical buying in India ahead of Diwali. However, expectations of further Fed tightening and higher borrowing costs continued to limit the sustainability of bullion’s recovery.
For MCX gold, immediate resistance is placed at Rs 1,43,000–Rs 1,43,700, while the support zone is Rs 1,41,000–Rs 1,40,000. For silver, resistance is seen at Rs 1,86,000–Rs 1,88,000, with support at Rs 1,78,000–Rs 1,80,000, analysts said.
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