Gold Near ₹1.41 Lakh, Silver at ₹1.84 Lakh on 3 November as Prices Rebound After a Weak October
24K gold was quoted at ₹1,40,670 per 10 grams on Tuesday morning after MCX gold rose 1.3% on Monday. A sharp fall in crude oil and a softer dollar drove the bounce.
Gold and silver opened Tuesday, 3 November, on a firmer footing after a strong rebound on Monday. Early-morning national rates (around 5:55 am IST, as reported by Bullion.co.in) were:
- 24K gold: ₹1,40,670 per 10 grams
- 22K gold: ₹1,28,948 per 10 grams
- Silver (999): ₹1,84,140 per kg
City-wise rates
| City | 24K (10 g) | 22K (10 g) | Silver (1 kg) |
|---|---|---|---|
| Delhi | ₹1,40,170 | ₹1,28,489 | ₹1,83,490 |
| Mumbai | ₹1,40,410 | ₹1,28,709 | ₹1,83,810 |
| Kolkata | ₹1,40,230 | ₹1,28,544 | ₹1,83,560 |
| Bengaluru | ₹1,40,520 | ₹1,28,810 | ₹1,83,950 |
| Hyderabad | ₹1,40,640 | ₹1,28,920 | ₹1,84,100 |
| Chennai | ₹1,40,820 | ₹1,29,085 | ₹1,84,340 |
Why prices bounced
On Monday, MCX December gold futures rose 1.3% to settle at ₹1,40,186 per 10 grams, while MCX silver gained about 2.6% to ₹1,83,779 per kg. Internationally, gold climbed about 2.1% to roughly $3,954 an ounce and silver about 3.1% to around $50.64.
A drop of nearly 8% in crude oil prices eased worries about inflation and further US rate hikes, and a weaker dollar added support. The bounce follows a rough October: gold slipped below $4,000 an ounce on 30 October and silver fell under $50 for the first time in about 11 months, with gold losing about 7.2% and silver about 19.2% over the month.
Analysts caution that one strong session does not mean a full recovery, and markets will keep a close eye on US inflation data, interest-rate expectations and the dollar. With Dhanteras on Friday, 6 November, retail buyers will be watching prices closely through the week. Local jewellers’ rates may differ because of making charges and GST.
Featured image: Bridal gold jewellery on display (file photo). Photo: Syed Sajidul Islam, CC BY-SA 4.0 (source).
Sources
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