Gold prices fall ₹1,300 to ₹81,100 per 10 gm amid weak demand from jewellers and retailers; Silver drops by ₹4,600

Gold prices in India fell by ₹1,300 to touch ₹81,100 per 10 grams in Delhi on Monday, November 4, after stockists and retailers made a fresh sale of the commodity, PTI reported quoting the All India Sarafa Association.

The yellow metal of 99.9 per cent purity traded flat at ₹82,400 per 10 grams on Thursday. 

Silver also fell ₹4,600 to ₹94,900 per kilogramme, slipping below the ₹95,000 zone. According to the report, it closed at ₹99,500 per kilogramme on Thursday.

Traders said weak demand from the jewellers and retailers in the local markets weighed on gold prices, as per the report.

The 99.5 per cent pure gold also fell ₹1,300 to ₹80,700 per 10 grams. On the other hand, Gold Futures on the Multi Commodity Exchange of India (MCX) fell 0.42 per cent or ₹329 to ₹78,538 per 10 grams, as per the report.

Silver futures contracts for December fell 0.43 per cent, or ₹412, to ₹95,071 per kilogramme on the MCX, as per the report. 

“With the US election results due in the next two days, market participants are expected to have mixed sentiments, likely resulting in a range-bound session between ₹78,000 and ₹79,000 in MCX,” Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said.

Global Prices

Comex gold futures rose 0.13 per cent, or $3.6 per ounce, to $2,752.80 per ounce.

Gold prices experienced volatility as Comex gold found support near USD2,730 but struggled to break above USD 2,750, said Trivedi.

“Gold prices are trading slightly lower on profit-booking as traders now look for fresh cues on the demand front and are also keeping positions light ahead of the key events like US elections/Federal Reserve’s policy decision and other data due from the global market,” Pranav Mer, VP of Research (Commodity & Currency) at BlinkX and JM Financial, was quoted as saying in the report. 

Gold was highly volatile and choppy on Monday as it surged on a disappointing US non-farm payroll report, but it fell as yields surged with a focus on the US presidential election outcome and a possible increase in fiscal deficit, according to Praveen Singh, Associate VP, Fundamental Currencies and Commodities at Sharekhan by BNP Paribas.

Comex silver futures quoted 0.78 per cent higher at $32.94 per ounce in the Asian market operating hours. 

According to a report by Goldman Sachs Research, gold is expected to climb higher than anticipated as the central banks of emerging markets have increased their purchases. 

The precious yellow metal is expected to rise by $3,000 per ounce by the end of 2025.

“Moving forward, traders believe the gold price should consolidate in a broader range before the outcome of the major two-event US presidential election and Federal Open Market Committee (FOMC) meeting,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said, as per the report.