Precious Metals Decline on November 3, 2026
Indian gold and silver markets experienced a notable slip on November 3, 2026, with prices falling across various purities. This downturn reflects broader market concerns and global economic pressures.
On the Multi Commodity Exchange (MCX), gold futures saw a decrease of 0.86%, trading at ₹1,38,979 per 10 grams. Silver futures recorded an even steeper decline, dropping by 2.09% to settle around ₹1,79,940 per kilogram. These movements indicate a cautious sentiment among investors.
Factors Driving the Downturn
Several global and domestic factors contributed to the fall in gold and silver prices. A significant headwind for non-yielding gold continues to be higher interest rates, which make interest-bearing assets more attractive. Markets are also closely monitoring global economic risks and escalating geopolitical tensions, particularly in the West Asia region, which can influence safe-haven demand.
Silver's remarkable bull run throughout 2025 has reportedly hit a wall, with the metal surrendering more than half of its gains. This reversal is largely attributed to surging crude oil prices and persistent inflation fears, which have fueled expectations of further interest rate hikes by the US Federal Reserve.
Understanding Indian Market Dynamics
In the physical retail market, gold is primarily traded in 24-karat and 22-karat options. While 24-karat represents pure gold, 22-karat remains the preferred choice for crafting ornaments due to its enhanced durability when mixed with alloys.
Indian precious metal prices are anchored by international spot bullion trends, the dynamics of the USD/INR currency pair, and anticipatory retail demand, especially leading up to peak festival shopping seasons.
Retail gold purchases in India are subject to a standard 3% Goods and Services Tax (GST) on the value of the metal, along with a separate 5% GST on jewellery making charges. Import duties and local transport surcharges also contribute to regional price variations across different states.
City-wise and Jeweller Rates
Benchmark gold rates stood at ₹1,39,420 per 10 gm, while silver traded at ₹1,80,510 per kg. Major retail chains like Joyalukkas, Malabar Gold & Diamonds, and Tanishq reported slightly varied prices for 22K and 24K gold on November 3, reflecting store-level pricing structures and inventory costs, even as global trends dictate overall market direction.