Silver and gold prices fell again on the Multi Commodity Exchange (MCX) on Tuesday, 3 November 2026. According to Livemint, December silver futures dropped ₹8,528 to ₹1,75,251 per kg, the lowest since late November 2025.
The fall matters for families planning Dhanteras and Diwali purchases, and for anyone who holds silver or gold. Oil prices, US interest rates and war news are all pulling prices.
What happened
Livemint said silver resumed its losing streak after a short recovery. The drop erased all of Monday's gains of ₹4,647. It also widened silver's losses for the year so far to 25%, according to Livemint.
Gold also gave up the previous day's gains. Livemint said it fell nearly ₹2,079 per 10 grams to ₹1,37,863. Both metals fell for two months in a row and have started November on a shaky note.
Economic Times also reported a fall on Tuesday morning, but with different numbers. The next section puts them side by side.
The numbers
| Item | Economic Times | Livemint |
|---|---|---|
| MCX silver (December 2026), per kg | Down ₹4,300 to ₹1,83,779 | Down ₹8,528 to ₹1,75,251 |
| MCX gold (December 2026), per 10 grams | Down ₹1,400 to ₹1,38,823 | Down about ₹2,079 to ₹1,37,863 |
| Chance of US rate hike in December (CME FedWatch) | 73% | 75% |
The table shows that the two outlets gave different prices and falls for the same day. We could not confirm which figure is right or when each was taken. Please check the live rate on the MCX website before you decide anything.
Economic Times also gave global prices. Spot gold rose 0.3% to $3,960.80 per ounce, building on a recovery from a one-year low touched on Friday. Spot silver gained 0.3% to $50.79 per ounce. An ounce here means a troy ounce, a unit used for precious metals.
Why prices fell
Both outlets point to oil and interest rates. Livemint said crude oil rebounded 1% after reports that the United States struck Iran's Qeshm Island. This raised fears that the eight-month conflict could get worse and disturb oil supply from the Middle East.
Economic Times described it as a rebound in oil after a fresh US attack on Iran. It added that oil had dropped more than 7% on Monday after Tehran said talks with the United States were still going on. Those talks, involving Qatari mediators, ended a round with revised proposals but no breakthrough.
Higher oil can push up prices of many things. That is inflation. When inflation worries grow, central banks may keep interest rates high. Gold and silver pay no interest, so higher rates make them less attractive than bonds or deposits. Economists call this the opportunity cost of holding them.
Both outlets cited CME's FedWatch tool, which tracks what traders expect. Economic Times put the chance of a Federal Reserve rate hike in December at 73%. Livemint said 75%. These are market bets, not decisions.
Investors were also cautious about the US midterm elections on the same day. Livemint said the result could reshape the final two years of President Donald Trump's term. A US jobs report due later this week may give more clues on interest rates.
Livemint also said the World Gold Council cut its forecast for growth in gold investment this year to 200 metric tonnes from 400 tonnes. It cited weaker demand for bars and coins. The council raised its estimate for central bank buying.
For related reading on how oil moves a listed company, see our report on IndiGo shares and falling oil prices.
How far have prices fallen from the peak
According to Times of India, both metals hit record highs on 29 January 2026. Gold touched ₹1,75,231 per 10 grams. Silver reached ₹3,84,632 per kg.
The newspaper said silver has lost nearly half its value since then. It also said gold has slipped to just below ₹1.5 lakh. Those figures are older than the prices above, so they do not match today's falls exactly.
Times of India listed three reasons: investors booking profits after the rally, the US-Iran war pushing crude above $120 per barrel, and a stronger dollar with higher yields.
What analysts said
These are views of individual experts, not facts.
Ponmudi R, CEO of Enrich Money, told Livemint the next support for silver is ₹1,70,000–₹1,72,000. Support is a price level where a fall has stopped before. He sees immediate resistance, a level where a rise has stalled before, at ₹1,86,000–₹1,88,000 and then ₹1,94,000–₹1,96,000.
He said the Relative Strength Index (RSI), a chart score of recent buying and selling, is near 23 for silver. That is extremely oversold, meaning the fall has been very sharp. Yet he said another chart tool, the MACD histogram, keeps widening on the downside, so selling pressure has not eased. For gold, he sees support at ₹1,34,000–₹1,35,000 and resistance at ₹1,40,000–₹1,41,000.
Manoj Kumar Jain of Prithvi Finmart told Economic Times he expects volatility this week. He sees MCX silver support at ₹1,81,400–₹1,80,000 and resistance at ₹1,85,500–₹1,88,000. He suggested long-term investors could build positions through systematic investment plans (SIPs), but advised traders to stay cautious before the US elections. This is his view, not our advice.
Vedika Narvekar of Anand Rathi Shares & Stock Brokers told Times of India that gold could stay under pressure for one to two months. She expects international gold at $3,950–$4,200 per ounce, or ₹1,40,600–₹1,48,500 on MCX. She sees a downside risk towards $3,800 if oil stays high and rate expectations harden.
For silver, she expects a test of $48–50 per ounce, or ₹1.70–1.80 lakh per kg on MCX. She said a slow recovery towards $70 is possible in 2027, but a return to January's peak near $122 appears unlikely. She called silver a higher-risk, higher-volatility holding than gold.
Note that the experts quote different price levels because they use different dates, contracts and methods. Do not treat any single level as a promise.
What it means for a common investor
Prices on a single day can change fast. A buyer at the morning rate and a buyer in the evening may pay quite different amounts. Jewellery also carries making charges and tax, which are not in futures prices.
Times of India quoted experts on festive buying. Adhil Shetty of BankBazaar said buying in moderation tends to work better than trying to catch the exact bottom. Hetal Vakil Valia suggested investing 40% to 50% of a planned budget at Dhanteras and keeping the rest liquid. Ayush Verma of Annapurna Jewellers said predicting the exact bottom is difficult. These are their opinions, and we do not give advice.
A simple point: if you plan to spend ₹1 lakh over a year, spreading it over several months means you do not pay a single price for everything.
Risks to keep in mind
- Prices may fall further if oil rises and the Fed raises rates, as Livemint's chart reading suggests.
- Prices may also bounce sharply if the war eases or rate bets change. Oil fell more than 7% on Monday on peace-talk hopes.
- Silver is used in solar panels and electronics. Narvekar warned that weaker solar demand and substitution could limit gains.
- Rate-hike chances of 73% to 75% are market bets and can change after the jobs report.
- Experts' targets are estimates and may be wrong.
What to watch next
- The US midterm election result and its effect on markets.
- The US jobs report due later this week.
- US Factory Orders data for September, due on Tuesday, according to Economic Times.
- Oil prices and any news on US-Iran talks.
- Whether silver holds near the ₹1,70,000–₹1,72,000 area that Ponmudi R named.
For wider market news, visit our Markets section and Business section.
Words explained
- MCX: The Multi Commodity Exchange, where gold, silver and other commodities are traded in India.
- Futures: A contract to buy or sell at a set price on a future date.
- Opportunity cost: What you give up by choosing one option. Holding gold means giving up interest you could earn elsewhere.
- Support and resistance: Price levels where a fall or a rise has stopped before. Chart analysts watch them.
- RSI: Relative Strength Index. A score from 0 to 100. A very low score means a sharp fall, called oversold.
- SIP: Systematic investment plan. You invest a fixed sum at regular times.
- Spot price: The price for immediate delivery.
Sources: Livemint, Economic Times, Times of India.
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.