Gold and silver rates in India are likely to be volatile on Wednesday, November 4, 2026, following the US midterm election. Spot gold surged above $3,964 per ounce before it fell below $3,940. Meanwhile, spot silver traded in the red, and crude oil prices also got a steep correction today.
Gold rates and silver rates in India are likely to be volatile on Wednesday, November 4, 2026, amidst a mixed trend in the global bullion market despite the Democrats' victory in the US midterm election. In the early trade, spot gold surged above $3,964 per ounce but has corrected to trade below $3,940 per ounce currently. Meanwhile, Spot Silver also pulled back from gaining momentum to trade in red and below $50 per ounce.
Meanwhile, crude oil prices have recorded a steep correction, with US WTI crude oil falling by 1% to trade around $95.5 per barrel and Brent Crude marginally lower to trade around $103 per barrel.
Oil reversed earlier gains after President Donald Trump said the US would end its $4 billion aid programme to Israel by year-end. Meanwhile, US Energy Secretary Chris Wright said overnight strikes on Iran's Qeshm Island had not disrupted regional oil supplies. Lower oil prices could ease inflationary pressures and reduce expectations of further central bank rate hikes, as per Trading Economics.
Furthermore, market believes there is 75% chance for US Federal Reserve's to hike rates in December policy.