Gold futures rise over 2% and silver gains 3.55% on MCX as a weaker US dollar and political uncertainty boost demand for precious metals.
Highlights
- Gold futures surged 2.08% to ₹1,42,353 per 10 grams.
- Silver futures jumped 3.55% to ₹1,86,081 per kilogram.
- Gold gained approximately ₹2,901 per 10 grams from its previous close.
- Silver increased by ₹6,383 per kilogram.
- A weaker US dollar supported precious metal prices.
- Analysts see potential for further gains, but caution against volatility.
Gold and Silver Prices Surge in India, Gold Crosses ₹1.42 Lakh on MCX
New Delhi, November 4, 2026: Gold and silver prices witnessed a sharp rally in the Indian commodity market on Wednesday, supported by a weaker US dollar and uncertainty following the US midterm elections. Gold futures crossed ₹1.42 lakh per 10 grams, while silver surged above ₹1.86 lakh per kilogram on the Multi Commodity Exchange (MCX).
According to a Moneycontrol report, gold futures for December 4 delivery climbed 2.08% to ₹1,42,353 per 10 grams at 12:33 PM IST. Silver futures rose 3.55% to ₹1,86,081 per kilogram during the same session. Moneycontrol
Gold Gains Nearly ₹2,900 in a Day
Gold recorded a significant recovery after recent price corrections. Based on the previous MCX closing price of ₹1,39,452 per 10 grams, gold gained approximately ₹2,901 during Wednesday’s trading session.
Silver witnessed an even stronger rally. Its price increased by approximately ₹6,383 per kilogram from the previous closing level of ₹1,79,698.
The sharp increase indicates renewed buying interest in precious metals amid changing global market conditions.
US Elections and Weak Dollar Support Prices
The rally followed the US midterm election results, in which Democrats secured control of both chambers of Congress.
The election outcome raised expectations of political gridlock in Washington, encouraging investors to reassess risks and seek safe-haven assets.
The US dollar weakened, while Treasury yields also declined, creating favourable conditions for gold and silver. Reuters
A weaker dollar generally supports precious metals by making them relatively cheaper for international buyers.
Can Gold Reach ₹1.43 Lakh and Silver ₹1.97 Lakh?
According to an Augmont Bullion report cited by Moneycontrol, gold’s ability to sustain above ₹1,40,500 per 10 grams could support a recovery towards ₹1,43,500.
For silver, maintaining levels above ₹1,85,000 per kilogram could open the possibility of a move towards ₹1,97,000.
However, these are technical projections rather than guaranteed price targets.
What Should Investors Do?
Market analysts believe that while US political uncertainty has provided short-term support, a sustained rally will depend on broader economic fundamentals.
Investors should closely monitor US Federal Reserve interest rate expectations, Treasury yields and movements in the dollar.
Silver may experience greater volatility than gold because its price is also influenced by industrial demand.
With both metals witnessing sharp daily gains, investors should remain cautious and consider market risks before making fresh investments.
