Gold and silver prices slipped in India on Wednesday, 4 November 2026, two days before Dhanteras. At 9:28 am, gold stood at ₹1,39,790 per 10 grams, down ₹100. Silver fell ₹1,910 to ₹1,78,570 per kg, according to Livemint, citing Bullion.com.
Both metals are now far below their January 2026 highs. This matters for families planning festive purchases and for new investors who are thinking of buying gold or silver.
What happened on 4 November
On the Multi Commodity Exchange (MCX), gold futures fell 0.09% to ₹1,39,333 per 10 grams. Silver futures fell 0.95% to ₹1,77,985 per kg, Livemint reported. MCX is India's main exchange for trading commodities such as gold, silver and crude oil.
Global prices moved a little the other way. On COMEX, a large US commodity exchange, gold futures traded at $3,963.20 per ounce, up 0.58%, according to CNBC-TV18. COMEX silver futures rose 0.48% to $49.990 per ounce.
Wednesday's moves were small, and they came after a bigger fall on Tuesday. In Delhi, gold of 99.9% purity fell ₹700 to ₹1.41 lakh per 10 grams on Tuesday. Silver fell ₹2,000 to ₹1.84 lakh per kg. CNBC-TV18 gave these figures, quoting the All India Sarafa Association. Our report on Tuesday's fall in silver and gold on MCX has more.
The numbers in one place
| Market (4 November) | Gold | Silver |
|---|---|---|
| India, Bullion.com (9:28 am) | ₹1,39,790 per 10 grams | ₹1,78,570 per kg |
| India, MCX futures | ₹1,39,333 per 10 grams | ₹1,77,985 per kg |
| US, COMEX futures | $3,963.20 per ounce | $49.990 per ounce |
| Global spot market | $3,934.75 per ounce | $49.67 per ounce |
The first two rows are Indian prices in rupees, and the last two are global prices in dollars, as reported by Livemint and CNBC-TV18.
Why prices have been falling
October was a weak month. COMEX gold fell 7.26% to $3,884.9 per ounce by the end of October, and silver fell 19.1% to $49.13, according to The Hindu. Both metals have now lost money for two months in a row.
Another report in Economic Times said gold fell 6.8% in October. We could not confirm which figure is right. Readers can check official COMEX or MCX price data.
The reports point to three reasons: higher crude oil prices, fear of rising inflation and the chance of a US interest rate hike. On Wednesday, CNBC-TV18 said traders saw a 78% chance that the US Federal Reserve would raise rates in December. It cited the CME FedWatch tool. Economic Times had put this figure at 73% on Tuesday.
Why do interest rates matter? Gold pays no interest. If a bank deposit or bond pays more, holding gold looks less attractive. Oil matters too, because costly oil can push up inflation. Our story on Brent crude and the US-Iran talks explains that link.
The fall from the top has been large. Manish Srivastava of Anand Rathi Wealth told ETMutualFunds that gold has fallen about 22% from its January 2026 high. He said silver has fallen about 52%.
What is happening to demand in India
The World Gold Council (WGC) expects India's gold demand to fall to a six-year low in 2026, CNBC-TV18 reported. High prices are hurting jewellery and investment buying.
Taxes are also changing how gold enters India. The government more than doubled import duty on gold and silver to 15% earlier this year. Informal gold imports rose to 50 tonnes in July-September from 3 tonnes a year earlier, the WGC said, citing Metals Focus. The report did not say how it estimated this figure.
Some buyers are changing how they buy. Gaurav Mathur of SafeGold said buying on the platform before Dhanteras was 1.5 to two times its normal level. Colin Shah of Kama Jewelry told CNBC-TV18 that he expects jewellery sales by value to stay close to last year's level. He said the amount of jewellery sold could fall by around 10%.
What analysts said
These are views, not facts.
- NS Ramaswamy of Ventura expects domestic gold to trade between ₹1.40 lakh and ₹1.50 lakh per 10 grams in November, according to another CNBC-TV18 report.
- Renisha Chainani of Augmont expects more short-term ups and downs. She said gold may test $3,900 an ounce and silver may test $50.
- Sunil Katke of Kotak Neo wrote in Economic Times that gold could move towards $4,750 an ounce and silver towards $75 by Diwali 2027. He called these possibilities, not assured targets.
- Manoj Kumar Jain of Prithvi Finmart placed MCX gold support at ₹1,39,400-1,38,200 and resistance at ₹1,41,400-1,42,000 on Tuesday, Economic Times reported.
Experts do not agree on silver. Abhisek Bahinipati of Invesco Mutual Fund said the gold-silver ratio is around 77, against a long-term average of 63. By that measure, silver looks cheaper than gold. Srivastava of Anand Rathi Wealth said investors should avoid silver. His reasons were its bigger price swings and its dependence on demand from industry.
What to check before buying coins
Many people buy coins on quick-commerce apps such as Blinkit, Zepto and Swiggy Instamart. Livemint listed some simple checks:
- Hallmarking is not compulsory for gold coins, unlike jewellery. Check the purity (999 or 995 fineness) and the maker's certificate.
- Check the weight of the metal, not just the weight of the package.
- Compare the final price, including GST and other charges.
- Read the return policy and keep the invoice and payment receipt.
Risks to keep in mind
- Silver moves much more than gold. It fell 19.1% in October alone, as per The Hindu.
- A US rate hike in December could put more pressure on prices.
- Indian prices also depend on the rupee against the dollar.
- Gold and silver pay no interest or dividend. You earn only if the price rises.
- Jewellery carries making charges, so you pay more than the value of the metal alone.
What to watch next
Dhanteras falls on 6 November and Diwali on 8 November. Traders are watching the US midterm election results and US jobs data due later this week. Peace talks involving Russia, Ukraine and the US are due in Abu Dhabi on 10-11 November, CNBC-TV18 said. For wider market moves, see our markets section.
Words explained
- Futures: A deal to buy or sell something at a fixed price on a future date.
- Spot price: The price for buying the metal right now, for immediate delivery.
- Ounce: The unit used for global gold and silver prices. One troy ounce is about 31.1 grams.
- Gold-silver ratio: The price of one ounce of gold divided by the price of one ounce of silver. A higher number means silver is cheaper compared with gold.
- Support and resistance: Support is a price level where traders think a fall may pause. Resistance is a level where they think a rise may stop. Both are guesses, not rules.
- Fineness: The purity of the metal. 999 means 99.9% pure.
- Import duty: A tax paid when goods are brought into India from abroad.
Sources: Livemint, CNBC-TV18, The Hindu, Economic Times.
This article is for information and education only. It is not investment advice. MarketUpDown is not registered with SEBI as an investment adviser or research analyst. Read our disclaimer.