Gold and silver prices witnessed a sharp rally in Delhi on Wednesday, November 4, just two days ahead of Dhanteras, as renewed festive demand and a recovery in international bullion markets pushed precious metal prices higher.
Gold prices jumped Rs 4,800 per 10 grams, while silver rates surged by Rs 9,000 per kg, offering a fresh development for consumers planning to purchase jewellery, coins and other precious metal items during the festive season.
According to the All India Sarafa Association, gold of 99.9 per cent purity rose to Rs 1,46,600 per 10 grams, inclusive of all taxes, compared with Rs 1,41,800 per 10 grams in the previous trading session.
Silver prices also registered a significant increase, climbing to Rs 1,93,000 per kg from Rs 1,84,000 per kg on Tuesday.
Gold And Silver Prices Today, November 4: Check Latest Rates
Here is a look at the latest reported bullion prices in Delhi:
| Precious metal | November 3 | November 4 | Increase |
|---|---|---|---|
| Gold (99.9% purity), 10 grams | Rs 1,41,800 | Rs 1,46,600 | Rs 4,800 |
| Silver, 1 kg | Rs 1,84,000 | Rs 1,93,000 | Rs 9,000 |
The latest figures are Delhi bullion market rates reported by the All India Sarafa Association. Jewellery prices and retail rates may vary across cities, depending on local taxes, making charges and jeweller margins.
Why Are Gold And Silver Prices Rising Ahead Of Dhanteras?
The sharp increase in precious metal prices comes amid improving festive demand and a strong recovery in international bullion markets.
Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said gold prices advanced on Wednesday, supported by a strong recovery in international markets and improving festive demand in the domestic market.
According to Rajeev Sharan, Head of Research at Brickwork Ratings, gold had corrected around 8 per cent from its October peak. The earlier decline was attributed to a stronger US dollar, elevated bond yields and fading expectations of interest rate cuts by the US Federal Reserve, which prompted traders to book profits.
The latest recovery has come at a crucial time for consumers preparing for Dhanteras purchases.
Gold And Silver Rally In International Markets
Precious metals also witnessed strong gains in international markets on Wednesday.
Spot gold jumped USD 113.72, or 3 per cent, to USD 4,043.93 per ounce, moving back above the USD 4,000 mark.
International silver prices also gained 4.5 per cent to USD 52.03 per ounce.
Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, attributed the support for bullion partly to a weaker US dollar following the US midterm election results, which saw Democrats emerge victorious.
What Should Buyers Expect Ahead Of Dhanteras?
With Dhanteras falling on November 6, consumers are closely tracking gold and silver prices before making their festive purchases.
Despite Wednesday’s sharp recovery, experts have pointed out that gold has gained a relatively modest 5-7 per cent since the previous festive season. This is significantly lower than the nearly 65 per cent year-on-year increase recorded around last Dhanteras.
However, market participants will continue to monitor movements in the US dollar, bond yields and the Federal Reserve’s policy stance to assess whether the latest rally in precious metals can sustain.
For buyers, the latest price movement highlights the volatility in bullion markets ahead of one of India’s biggest gold and silver buying occasions.