New Delhi, November 4, 2026 (Yes Punjab News)
Gold and silver prices extended their recovery on Wednesday, gaining up to 3 per cent as a weaker US dollar, declining Treasury yields and geopolitical uncertainty strengthened demand for precious metals.
In the domestic market, 24-karat gold rose 1.4 per cent to Rs 1,41,980 per 10 grams, while 999 fine silver climbed Rs 4,520, or 2.5 per cent, to Rs 1,85,000 per kg as of 11.10 am.
On the Multi Commodity Exchange (MCX), December gold futures advanced 1.76 per cent to Rs 1,41,911 per 10 grams. December silver futures gained 3.09 per cent to Rs 1,85,249 per kg.
The gains followed a sharp decline in the previous session. Softer crude oil prices helped ease inflation concerns and raised expectations that central banks could have greater flexibility in adjusting monetary policy. Gold, which does not offer interest, generally benefits from lower bond yields and a weaker dollar.
Internationally, COMEX gold futures rose 0.58 per cent to $3,963.20 per ounce, while silver futures gained 0.48 per cent to $49.99 per ounce.
Geopolitical developments also supported safe-haven demand. Russia has agreed to participate in three-way peace talks with Ukraine and the United States in Abu Dhabi on November 10 and 11, while uncertainty continues over negotiations between Iran and the US.
Investors are also tracking US political developments, labour market data and signals from the Federal Reserve. The CME FedWatch tool indicated a 78 per cent probability of a rate hike in December.
In the technical outlook, COMEX gold faces resistance in the $3,970-$4,000 range, with immediate support near $3,900. On MCX, resistance is seen around Rs 1,41,000, followed by Rs 1,43,000-Rs 1,43,700, while Rs 1,40,000 remains a key support level.
However, elevated prices continue to weigh on Indian demand. According to the World Gold Council, the country’s gold demand fell 29 per cent year-on-year to 162.5 tonnes in the July-September quarter of 2026, as record prices, higher import duty and changing buying patterns affected jewellery purchases and investment demand.
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