Gold and silver continue to experience persistent volatility. While silver showed some recovery on Monday, gold remained weak. Over the past week, gold prices—when measured against the US dollar—have fallen by approximately 3%. Currently, gold is trading about 28% below its all-time high, while silver has plummeted by more than 40%. Given this, it is crucial to understand when a recovery might occur for these precious metals.

Regarding the outlook for gold and silver, Satish Dondapati, a fund manager at Kotak Mahindra AMC, notes that gold prices have declined by about 3% against the US dollar over the last week, reaching near their lowest levels in a year. Although a softening in US bond yields and a weaker dollar should have provided support to gold prices, the US Federal Reserve’s hawkish stance—along with expectations that interest rates will remain high for an extended period—has kept prices under pressure. Meanwhile, the ongoing conflict involving Iran continues to impact global energy markets, keeping crude oil prices elevated and fueling concerns regarding inflation.

Prices Plunge Again in International Markets
Gold and silver prices have once again declined in the international market (COMEX). Following a recovery on Monday, gold fell by 0.39% on COMEX today, Tuesday, November 3, trading at $3,954.00 per ounce. Silver prices also dropped by 1.39%, trading at $50.180 per ounce.

Prices Decline in the Domestic Market as Well
Gold and silver prices have also seen a decline in the domestic market. Today, the price of gold fell, trading at around ₹1.39 lakh per 10 grams. Meanwhile, the price of silver also saw a decline, trading at approximately ₹1.80 lakh per kilogram.

What are the prices on the MCX?
On the Multi Commodity Exchange (MCX), gold for December delivery dropped by ₹1,200, trading at ₹139,045 per 10 grams. Silver also experienced a decline, falling by ₹3,800 to reach ₹180,001 per kilogram.

Check rates before making a purchase.
With the start of the Diwali week, fluctuations in gold and silver prices have begun. As the market opened today, prices saw a sharp drop. Currently, 24-carat gold is trading at around ₹139,360 per 10 grams, while 22-carat gold is hovering at approximately ₹127,700 per 10 grams. Additionally, 18-carat gold is trading at nearly ₹104,520 per 10 grams. In the bullion market, silver is trading at approximately ₹180,300 per kilogram.

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