Gold and silver prices rallied sharply on Wednesday, November 4, across domestic and international markets.
The surge was supported by a weaker US dollar, declining Treasury yields, and heightened political uncertainty following the US midterm election results.
On the Multi Commodity Exchange (MCX), December gold futures climbed approximately 2.36% to trade near Rs 1.42 lakh per 10 grams. Meanwhile, silver futures jumped 4.06% to around Rs 1.86 lakh per kilogram. Internationally, spot gold surged 2.34% to trade above $4,023 per ounce, while spot silver advanced nearly 4% toward $52 per ounce.
The price surge gained momentum after midterm election results indicated Democrats winning control of Congress, creating fresh uncertainty over President Donald Trump’s legislative agenda. The US Dollar Index declined 0.54% to 101.17, making non-yielding assets like bullion more attractive to investors.
The recent recovery follows a volatile period where gold rebounded from lows of $3,870 per ounce (Rs 1.38 lakh per 10 grams). Analysts note that sustaining levels above $3,970 (Rs 1,40,500) will be crucial for gold to push toward $4,050 (Rs 1,43,500).
Looking ahead, brokerage firm Religare Broking has outlined an accumulation range of Rs 1.30 lakh–Rs 1.35 lakh per 10 grams for gold and Rs 1.50 lakh–Rs 1.63 lakh per kilogram for silver. The brokerage projects medium-term upside targets of Rs 1.58 lakh for gold and Rs 2.55 lakh for silver, with downside support established at Rs 1.21 lakh and Rs 1.09 lakh, respectively.