Precious metals staged a recovery across domestic and international markets following several sessions of intense selling pressure. Ahead of peak festive purchases for Dhanteras and Diwali, bullion prices began rebounding. On Monday, November 1, gold climbed by 495 rupees on the Multi Commodity Exchange. This turnaround comes after gold had tumbled 42 percent from its all-time record peak, while silver prices had plummeted 55 percent from their historic highs.
Domestic Futures Performance on MCX
Trading on the Multi Commodity Exchange, or MCX, reflected firm sentiment right from the opening bell on November 1. Trading commenced at the 1.39 lakh rupee mark, pushing gold prices close to 1.39 lakh rupees per 10 grams. Over the course of the session, gold futures registered a gain of 500 rupees per 10 grams.
Silver futures followed a similar upward trajectory, displaying substantial momentum. On the MCX, silver surged by 3,386 rupees to touch 1,82,455 rupees per kilogram. After enduring persistent downward pressure in recent sessions, this sharp upward swing marks a noticeable revival in domestic sentiment as festive demand begins to take hold.
Global Market Action Across Precious Metals
The price rebound on domestic bourses mirrored strength across overseas commodity desks. Spot gold advanced 0.7 percent to 3,900.90 dollars per ounce, recovering after sliding to a one-year low in the prior trading session. In the United States, gold futures for December delivery picked up 0.3 percent to settle at 3,909.70 dollars per ounce. The metal had faced intense pressure on the preceding Friday, dropping 3.5 percent due to margin calls to hit its weakest level since October 2025.
Spot silver rallied 1.8 percent to trade at 49.97 dollars per ounce. Performance across other precious metals remained mixed, with platinum edging up 0.1 percent to 1,432.63 dollars per ounce, while palladium held steady at 976.31 dollars per ounce.
Underlying Drivers and Outlook
Kyle Rodda, senior financial market analyst at Capital.com, noted that crude oil prices fell by more than 3 percent, which provided immediate support to gold and silver prices. The bullion complex has benefited from festive demand alongside softer crude and a retreating dollar. Nonetheless, analysts caution that the current rebound may prove transient. According to the CME FedWatch Tool, traders are pricing in a 73 percent probability of a Federal Reserve interest rate hike in December. If US monetary authorities proceed with higher borrowing costs, precious metals could encounter renewed downward pressure.
