Gold, Silver, and Copper Lose Shine Amid Dollar Rally

New Delhi, 4 November: In response to the currency market strengthening for the US dollar and positive trade developments between the US and China that tempered the need for safe-haven assets, gold and silver prices in domestic futures trade have continued their downward trend on Tuesday

Domestic Market Performance

The 1-month futures for gold on the Multi Commodity Exchange (MCX) ended in red with a drop of Rs 1,136 or 0.94% to Rs 1,20,273 per 10 grams from Rs 1,21,409. The intra-day trading range was from Rs 1,19,801 to Rs 1,20,970. The average price for the day was Rs 1,20,624 per 10 grams. The volume of trade was 3,049 lots with an open interest of 13,294 lots.

In contrast, silver futures for December 5, 2025, delivery moved down by Rs 2,427 or 1.64% to Rs 1,45,331 per kilogram, compared with the previous closing of Rs 1,47,758. The intraday trading range was from Rs 1,45,269 to Rs 1,47,230. The average price of the deal was Rs 1,46,301 per kg. The total volume of trade was 4,365 lots, whereas the open interest increased by 743 lots to 21,065.

Global Market Trends

Internationally, Comex December gold futures are quoted 0.48% lower at USD 3,994.81 per ounce. At the same time, Comex silver contracts declined 0.62% to USD 47.75 per ounce, thus marking its third consecutive day of decline.

The dollar index, an indicator of the greenback’s value against the six most important trading partners, moved up 0.08% to 99.95, which is not good news for precious metals.

Market Outlook

The rally in precious metals was halted by investor concerns that the US Federal Reserve might not cut interest rates again in December. At the same time, the détente in US-China trade relations put pressure on the source of refuge demand.

Players anticipate the release of the US private payroll data later this week. They believe that this report will give them insights into the Fed next policy move. However, given that the dollar is trading near a three-month high and that the release of the crucial US macroeconomic data is postponed due to the ongoing government shutdown, the price of gold will most likely be close to the USD 4,000 per ounce mark in the coming ‍‌‍‍‌‍‌‍‍‌days.

REF:https://www.mcxindia.com/en/market-data/get-quote/FUTCOM/GOLD/

https://www.mcxindia.com/en/market-data/get-quote/FUTCOM/SILVER/

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