Gold and Silver Prices Rebound as MCX Gold Crosses Rs 1.39 Lakh Amid Festive Demand

Gold and silver prices recovered on Monday, November 2, following a sharp decline last week. Precious metals gained momentum as crude oil prices dropped and festive buying increased. Investors showed renewed interest in gold and silver ahead of Dhanteras and Diwali. The recovery also lifted gold rates across major Indian cities. Meanwhile, MCX recorded gains in both precious metals during early trading.

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MCX Gold and Silver Prices Rise on Monday

MCX Gold futures for December 4 delivery increased by Rs 694 per 10 grams. The price reached an early high of Rs 1,39,179, compared with the previous closing price of Rs 1,38,485. Silver futures also witnessed a strong recovery during the session. MCX Silver for December delivery climbed by more than Rs 3,500 per kilogram. It touched Rs 1,82,701 against its previous close of Rs 1,79,132.

Market analysts linked this recovery to falling crude oil prices and rising festive demand. According to Kaveri More, Commodity Technical Analyst at Choice Broking, gold prices declined around 3–4% during the previous week. The metal recently touched a low of Rs 1,38,249. However, gold gained some support at Monday’s opening. A nearly 3% decline in crude oil prices also helped improve market sentiment.

The US Dollar Index (DXY) traded near 101.9, while the USD/INR exchange rate remained around 95.2. These currency movements continue to influence domestic gold prices. Analysts believe that festive purchases ahead of Dhanteras and Diwali could support bullion prices in the short term. However, global market conditions may affect the next price movement. Investors will closely monitor crude oil prices, dollar movements and US Federal Reserve interest-rate decisions.

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24-Karat and 22-Karat Gold Rates in India

Gold prices also recorded an increase across the domestic market on November 2. The 24-karat gold rate stood at Rs 1,39,430 per 10 grams. Meanwhile, 22-karat gold traded at Rs 1,27,811 per 10 grams. Buyers also witnessed changes in other gold purity categories. The 20-karat gold rate reached Rs 1,16,192 per 10 grams. Similarly, 18-karat gold traded at Rs 1,04,573 per 10 grams.

The latest recovery offers some relief to gold and silver investors after last week’s decline. Festive jewellery purchases could further influence demand in the coming days. However, experts advise investors to watch global economic developments before making decisions. Changes in crude oil prices and currency movements may affect domestic bullion rates. The market’s direction will also depend on upcoming US Federal Reserve policy signals.

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