Trading sentiment across commodity exchanges turned sharply cautious on November 3 as precious metals faced steep selling pressure. Contracts for gold fell by ₹1,286 to trade at ₹1,38,900 per 10 grams on the Multi Commodity Exchange. Industrial and decorative metal silver witnessed an even sharper pullback, dropping ₹4,279 to settle around ₹1,79,500 per kilogram during morning trade.
Global Market Triggers and Weak Momentum
Overseas pricing directly weighed on domestic momentum. Spot gold retreated 0.77 percent in the international market, moving down to 3,939 dollars per ounce. Over the trailing 24-hour cycle, world silver values experienced a 2.23 percent slump, touching 49.76 dollars per ounce. Meanwhile, US gold futures contracts changed hands near 3,956 dollars per ounce.
Retail Physical Prices Across Major Metros
Spot rates across major retail centres mirrored the shift in benchmark derivatives. In Delhi, top-tier 24-carat metal traded at ₹1,39,530 per 10 grams. Buyers opting for 22-carat jewelry quality faced a rate of ₹1,27,910 per 10 grams, whereas 18-carat purity was priced at ₹1,04,690 per 10 grams.
In financial centers Mumbai and Chennai, 24-carat bullion was quoted at ₹1,39,380 per 10 grams, alongside a 22-carat valuation of ₹1,27,760 per 10 grams. Identical levels were logged across regional hubs Kolkata, Bengaluru, Hyderabad, Pune, and Kerala, with 24-carat material commanding ₹1,39,380 per 10 grams.
In Gujarat, bullion counters across Ahmedabad and Vadodara recorded 24-carat gold at ₹1,39,430 per 10 grams. Both western hubs listed 22-carat gold at ₹1,27,810 per 10 grams, while 18-carat pieces were priced at ₹1,04,590 per 10 grams.
Expert Forecast and Macro Factors
Analysing the volatility, Jatin Trivedi, Vice President and Research Analyst at LKP Securities, noted that bullion traders are maintaining a defensive stance amid interest rate uncertainties. He emphasized that upcoming US employment statistics will offer vital clues regarding the Federal Reserve's policy roadmap and monetary easing timeline.
Offering an outlook on industrial white metal, Swapnil Agarwal, Director at VSRK Capital, indicated that firm interest rates in the US continue to cap price momentum. According to him, sustained pressure is likely to restrain any meaningful silver rally through the end of 2026 unless rate reductions begin in earnest.
