Gold and silver prices witnessed a strong recovery in India after recording significant losses during the previous week. Lower crude oil prices and a weaker US dollar supported the rebound, although precious metals continued to face uncertainty in international markets.
On the Multi Commodity Exchange (MCX), December gold futures gained 1.3% on November 2 to close at Rs 1,40,186 per 10 grams. Silver futures performed even better, rising approximately 2.6% to settle at Rs 1,83,779 per kg.
The recovery followed a sharp sell-off on October 30, when gold touched its lowest level in around a year. Silver also experienced heavy selling pressure, with international prices slipping below USD 50 per ounce.
According to Reuters, international gold prices climbed 2.1% on Monday to USD 3,954.41 per ounce. Silver also advanced 3.1% to USD 50.64 per ounce.
The improvement came after crude oil prices declined by approximately 8%, easing concerns about inflation and the possibility of further interest rate increases in the United States.
Despite the recovery, investors continue to monitor US inflation figures, Federal Reserve interest rate expectations and movements in the dollar, as these factors could influence the direction of gold and silver prices.
Gold and Silver Rates Today in India, November 3
According to prices reported by Bullion.co.in, 24-carat gold was trading at Rs 1,40,670 per 10 grams at approximately 5:55 AM on Tuesday, November 3.
Silver was quoted at Rs 1,84,140 per kg during the same period. Meanwhile, 22-carat gold was priced at Rs 1,28,948 per 10 grams, while 925 sterling silver stood at Rs 1,70,330 per kg.
Here is a quick look at the reported rates:
| Precious metal | Price |
|---|---|
| 24-carat gold (10 grams) | Rs 1,40,670 |
| 22-carat gold (10 grams) | Rs 1,28,948 |
| Silver (1 kg) | Rs 1,84,140 |
| 925 sterling silver (1 kg) | Rs 1,70,330 |
Actual prices may differ between jewellery shops and online platforms because of local taxes, pricing methods and additional charges. Buyers should confirm the latest rates with local jewellers before purchasing.
City-Wise Gold Rates in India
Gold prices are not identical across Indian cities. Based on the reported figures, here are the latest 24-carat and 22-carat gold rates in six major cities.
| City | 24K Gold (10g) | 22K Gold (10g) |
|---|---|---|
| Mumbai | Rs 1,40,410 | Rs 1,28,709 |
| Delhi | Rs 1,40,170 | Rs 1,28,489 |
| Chennai | Rs 1,40,820 | Rs 1,29,085 |
| Kolkata | Rs 1,40,230 | Rs 1,28,544 |
| Bengaluru | Rs 1,40,520 | Rs 1,28,810 |
| Hyderabad | Rs 1,40,640 | Rs 1,28,920 |
Among these six cities, Chennai recorded the highest 24-carat gold price at Rs 1,40,820 per 10 grams. Delhi had the lowest rate at Rs 1,40,170.
City-Wise Silver Prices Today
Silver prices also showed differences across major cities. The reported rates for 999-purity silver are given below.
| City | Silver Price (1 kg) |
|---|---|
| Mumbai | Rs 1,83,810 |
| Delhi | Rs 1,83,490 |
| Chennai | Rs 1,84,340 |
| Kolkata | Rs 1,83,560 |
| Bengaluru | Rs 1,83,950 |
| Hyderabad | Rs 1,84,100 |
Chennai recorded the highest silver price among the listed cities at Rs 1,84,340 per kg. Delhi had the lowest rate at Rs 1,83,490 per kg.
Why Did Gold and Silver Prices Rise Again?
The latest increase in gold and silver prices comes after a difficult period for precious metals during October. Rising crude oil prices, inflation concerns and expectations of higher US interest rates contributed to the earlier decline.
On October 30, international gold prices slipped below USD 4,000 per ounce. Silver also dropped below USD 50 per ounce for the first time in approximately 11 months.
Silver experienced a considerably sharper correction than gold. According to data published by Mint on November 1, silver prices declined by 19.17% during October, while gold recorded a comparatively smaller fall of 7.23%.
The subsequent recovery has provided some support to the bullion market. However, future price movements will depend on global economic developments, crude oil prices, inflation trends and US monetary policy.
Disclaimer
This article is intended for general informational purposes only. Gold and silver prices are based on the reported market figures and may change throughout the trading day. Actual jewellery prices can vary depending on location, taxes, making charges and other applicable costs. Readers should verify current rates with authorised jewellers or reliable market sources before making any purchase or investment decision. This article does not constitute financial or investment advice.