Gold and silver prices fell on the Multi Commodity Exchange on Tuesday. Silver futures for December 2026 dropped Rs 4,300, while gold fell Rs 1,400. Manoj Kumar Jain said, "long-term investors could accumulate gold and silver through systematic investment plans." Many traders now watch US midterm elections and interest rate bets.
Gold and silver prices opened lower on the Multi Commodity Exchange (MCX) on Tuesday after a rebound in oil prices following a fresh US attack on Iran raised inflation fears, while investors awaited the outcome of the US midterm elections later in the day.
In the domestic market, MCX silver futures for December 2026 delivery were down by Rs 4,300 to Rs 1,83,779 per kg. Gold futures for December 2026 delivery fell by Rs 1,400 to Rs 1,38,823 per 10 grams.
Oil prices dropped more than 7% on Monday after Tehran said discussions with the United States to end their eight-month war were still underway. The latest round of talks between Iran and Qatari mediators concluded after several days, with revised proposals but no breakthrough.
Meanwhile, US manufacturing activity gained momentum in October, supported by strong domestic demand, although inflation at factory gates remained elevated.
Investors are now looking to the US midterm elections for indications of the country's fiscal policy direction and their potential impact on broader market sentiment. Traders currently see a 73% probability of the Federal Reserve raising interest rates in December, according to CME's FedWatch tool. Higher interest rates increase the opportunity cost of holding non-yielding assets such as gold, making bullion less attractive to investors.
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Gold, silver international prices
Spot gold rose 0.3% to $3,960.80 per ounce by 0032 GMT, building on its recovery from a one-year low touched on Friday. US gold futures for December delivery remained steady at $3,970.80.
Among other precious metals, spot silver gained 0.3% to $50.79 per ounce, while platinum rose 0.2% to $1,451.48. Palladium was also up 0.2% at $970.50.
Investors will also track the US Factory Orders data for September, scheduled for release later in the day.
How should you trade gold?
Manoj Kumar Jain of Prithvi Finmart expects gold and silver prices to remain volatile this week, driven by fluctuations in crude oil prices and the dollar index, along with geopolitical tensions.
He said gold has support at $3,940-3,880 per troy ounce, while resistance is placed at $4,000-4,044. Silver has support at $49.40-48.80 per ounce, with resistance at $51.80-52.40.
On the MCX, gold has support at Rs 1,39,400-1,38,200 and resistance at Rs 1,41,400-1,42,000. Silver has support at Rs 1,81,400-1,80,000, while resistance is seen at Rs 1,85,500-1,88,000.
Jain suggested that long-term investors could accumulate gold and silver through systematic investment plans (SIPs) amid the market decline. However, he advised traders to remain cautious ahead of the US midterm elections.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 1,02,328/8 grams while pure gold (24 carat) prices stand at Rs 1,11,624/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,02,208/8 grams while pure gold (24 carat) prices stand at Rs 1,11,504/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,02,208/8 grams while pure gold (24 carat) prices stand at Rs 1,11,504/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,02,008/8 grams while pure gold (24 carat) prices stand at Rs 1,11,504/8 grams.
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