Gold and Silver Prices Soar 5.9% and 5.8% Weekly as Dollar Slide and Election Shock Lift Bullion; MCX Gold Settles at ₹1,42,224 on Dhanteras

Mumbai, 7 November 2026: Gold and silver prices staged a powerful rally in the week ended 6 November 2026, with international spot gold recording its strongest weekly advance in over two months.

Spot gold (XAU/USD) surged 5.9% for the week, while spot silver (XAG/USD) gained 5.8%, as a sharp post-election slide in the US dollar and falling Treasury yields revived safe-haven demand for precious metals. The rally, however, lost some steam on the final trading day, with both metals retreating on Friday as a rebound in crude oil prices rekindled inflation concerns and investors positioned cautiously ahead of a blockbuster US non-farm payrolls report.

On the domestic front, MCX December gold futures settled at ₹1,42,224 per 10 grams on 6 November, while MCX December silver closed at ₹1,84,095 per kilogram, with profit-booking emerging on Dhanteras after a week of strong gains.

Dollar Slide and Yield Retreat Spark 5.9% Weekly Surge in Spot Gold

The primary driver of the week’s bullion rally was the dramatic reversal in the US dollar and Treasury yields following the Democratic sweep in the US midterm elections on 3 November. The Dollar Index (DXY) weakened by approximately 0.3% to 0.4% during the week, while the 10-year US Treasury yield declined roughly 2%, falling to around 4.87% by 5 November.

A weaker dollar makes dollar-denominated gold cheaper for holders of other currencies, directly supporting demand and prices. Falling bond yields reduce the opportunity cost of holding non-yielding assets such as gold, enhancing its appeal relative to income-generating instruments like Treasuries.

Spot gold opened the week near $3,875 per ounce and climbed steadily through the sessions, touching a weekly high of $4,146.63 on Thursday, 5 November, before paring gains on Friday to close at $4,063.39 by 0248 GMT, still up 4% to 5.9% for the week depending on the intraday snapshot used. The metal registered its third consecutive session of gains on Friday before the pullback, underscoring the strength of the post-election momentum.

Oil Rebound and Fed Hawkishness Cap Friday’s Rally; Payrolls Eyed

Friday’s modest retreat in gold and silver was triggered by a rebound in crude oil prices, which rose more than 1%, reviving fears of persistent inflation and reinforcing expectations that the Federal Reserve may keep interest rates higher for longer. Higher energy costs can justify a more restrictive monetary policy stance, raising the opportunity cost of holding bullion. The week’s most significant data release, the US October non-farm payrolls report, was published after the European morning session on 6 November, showing a blockbuster 165,000 job additions, more than double the consensus forecast of 65,000, with the unemployment rate falling to 4.1%.

This strong labour market reading strengthened the case for a December Fed rate hike, with markets pricing a 66% to 70% probability of a hike by the end of the week, down from 80% a week earlier but still elevated.

Two Fed officials had also advocated for “modest and steady” rate increases on Thursday, 5 November, to tackle above-target inflation, adding to the hawkish undertone. Goldman Sachs lowered its end-2026 gold price forecast to $4,150 per ounce from $4,650, citing the Fed’s more hawkish stance.

Also Read: How to Invest in Gold for Beginners: Simple Start Guide

MCX Gold Slips 1.45% on Dhanteras as Profit-Booking Offsets Weekly Gains

On the Multi Commodity Exchange (MCX), December gold futures experienced a volatile week, ultimately closing at ₹1,42,224 per 10 grams on 6 November, down ₹1,871 or 1.45% from the previous close on the final day.

The contract had traded as high as ₹1,43,251 on 5 November, gaining 2.72% in that session alone, before profit-booking set in on Dhanteras. Intraday on 6 November, MCX gold touched a low of ₹1,41,444 and a high of ₹1,42,601 before settling lower.

The open interest in MCX gold futures stood at 16,319 lots as of 3 November, up from 16,179 lots in the prior session, while total traded volume was 7,534 lots, lower by 14.81% . The divergence between international and domestic prices on Friday was notable: while spot gold fell 0.6% in dollar terms, MCX gold fell 1.45%, partly reflecting the rupee’s movement and domestic profit-taking on the auspicious Dhanteras occasion.

Silver Mirrors Gold’s Rally but Industrial Demand Concerns Linger

Silver tracked gold’s upward trajectory for most of the week, with spot silver (XAG/USD) gaining 5.8% to trade above $52 per ounce by 6 November. The metal had surged almost $3, or close to 5.5% , on Wednesday, 4 November alone, jumping from a daily low of $48.96 to $52.39 as traders digested the US midterm election results. However, silver’s dual role as both a precious and an industrial metal introduced additional volatility.

On Friday, spot silver rose 0.3% to $51.91 before retreating, with the metal proving more vulnerable to profit-taking than gold due to its higher price volatility and exposure to industrial demand. Concerns about a global sell-off in AI-related stocks and slower data-centre investment weighed on industrial sentiment, with silver particularly exposed given its widespread use in electronics and solar panels.

The global silver market is also facing structural headwinds: the supply deficit is projected to narrow from 140 million ounces in 2025 to just 5 million ounces in 2026, while industrial fabrication is expected to fall about 3%, with photovoltaic demand a notable source of weakness as solar panels use less silver per watt.

MCX Silver Tumbles 1.65% as Profit-Takers Dominate Dhanteras Session

MCX December silver futures closed at ₹1,84,095 per kilogram on 6 November, down 1.65% from the previous close, as profit-booking accelerated on Dhanteras. The contract had touched an intraday low of ₹1,82,800 and a high of ₹1,85,499 during the session, after closing at ₹1,87,490 per kg on Thursday, 5 November.

Earlier in the week, MCX silver had rallied to ₹1.90 lakh per kg on 5 November, reflecting the strong international momentum, but the subsequent correction underscored the metal’s heightened sensitivity to shifting risk sentiment and the unwinding of speculative positions.

Retail Gold Prices Retreat Across Major Indian Cities on Dhanteras

Domestic physical gold prices, which include import duties, GST, and local dealer premiums, declined across major Indian cities on 6 November, tracking the international pullback and domestic profit-booking.

In Mumbai, 24K gold was quoted at ₹1,42,490 per 10 grams (or ₹14,602 per gram), while 22K gold stood at ₹1,30,616 per 10 grams . New Delhi recorded 24K gold at ₹1,42,250 per 10 grams and 22K at ₹1,30,396, while Chennai, which typically carries a slight premium, quoted 24K at ₹1,42,850 per 10 grams . Bengaluru, Kolkata, and Hyderabad all saw 24K gold in the range of ₹1,42,250 to ₹1,42,660 per 10 grams.

These retail prices are inclusive of GST but exclude making charges and local dealer margins, and they differ from MCX futures prices because they reflect physical market premiums, transportation costs, and local demand-supply dynamics. The variation between cities is driven by local taxes, octroi where applicable, dealer margins, and the intensity of festive demand in each market.

Also Read: How to Invest in Gold Online 

Silver Retail Prices Hold Near ₹1,84,000 per Kg; Chennai Tops the Table

Retail silver prices in India also eased on 6 November, with 999-purity silver quoted at ₹1,83,990 per kg in New Delhi, ₹1,84,310 per kg in Mumbai, and ₹1,84,980 per kg in Chennai, the highest among major cities. Bengaluru and Hyderabad quoted ₹1,84,460 per kg and ₹1,84,740 per kg respectively, while Kolkata stood at ₹1,84,200 per kg . These retail rates include GST but exclude making charges and are indicative of the physical market, where regional premiums reflect transportation costs, local dealer margins, and demand from industrial users and jewellers.

Silver prices in India are also influenced by the rupee-dollar exchange rate and the metal’s dual role as an industrial input and a precious metal, with demand from the solar and electronics sectors adding a layer of price sensitivity not present in gold.

Gold-Silver Ratio Widens to 78.1 as Silver Lags Gold’s Safe-Haven Bid

The gold-silver ratio, a key gauge of the relative value of the two metals, widened during the week as gold outperformed silver. The ratio stood at 77.2 on 4 November after silver’s sharp rally, but widened to 78.1 by 5 November as silver lagged gold’s advance.

By 6 November, the COMEX gold-silver ratio was near 78.8, reflecting gold’s stronger safe-haven appeal amid geopolitical uncertainty and central bank buying, while silver faced headwinds from moderating industrial demand and profit-taking.

A higher ratio indicates that silver is relatively cheaper compared to gold, but the movement during the week was driven primarily by gold’s outperformance rather than any structural shift in silver’s fundamentals.

Also Read: How to Invest in Silver: 6 Best Ways (2026) 

Central Banks Add 321 Tonnes in Q3; ETFs Draw Record $31 Billion

The World Gold Council’s Q3 2026 Gold Demand Trends report, released on 3 November, provided a supportive backdrop for gold prices during the week. Central banks added a net 321 tonnes to their reserves in the third quarter, up 42% year-on-year and the highest quarterly total since Q4 2024, with China adding 63 tonnes and Poland 40 tonnes. Year-to-date official purchases reached 675 tonnes, 6% higher than the same period in 2025.

Physically backed gold ETFs returned to inflows in Q3, adding 211 tonnes and drawing a record $31 billion, with global holdings rising to a record 4,256 tonnes. These flows underscored the structural demand for gold from institutional and official-sector buyers, even as retail bar and coin demand fell 19% year-on-year to 268 tonnes, its lowest quarterly level in four years, with Indian demand down 40% to 55 tonnes.

Gold and silver closed the week with strong gains driven by a weaker dollar, falling Treasury yields, and safe-haven demand following the US midterm elections. However, Friday’s pullback on strong payrolls data and oil-driven inflation concerns signals that rate expectations remain a powerful counterweight. The divergence between international spot prices and MCX futures highlights the role of rupee movements and domestic festive profit-booking. Investors should note that central bank buying and ETF inflows provide a structural floor, while silver’s industrial demand outlook and the gold-silver ratio warrant close monitoring.