Gold prices jump Rs 6,500/10 gram in 2 days; silver soars Rs 11,200/kg as soft dollar, fall oil boost mood. Key levels to track

Gold and silver prices opened sharply higher on the Multi Commodity Exchange (MCX) on Thursday after a drop in the dollar and US bond yields bolstered sentiment following a major Democrats victory in the midterm elections.

Furthermore, a sharp 10% drop in oil prices in two sessions eased concerns over further Federal Reserve rate hikes, providing a big boost to gold and silver.

In the domestic market, MCX silver futures for December 2026 delivery were up by Rs 3,100 to Rs 1,90,829 per kg. Gold futures for December 2026 delivery gained by Rs 2,70 to Rs 1,45,909 per 10 grams. Over two sessions, silver prices have risen Rs 11,231 per kilogram, while yellow metal is up Rs 6,400.


Vice President JD Vance, in a lengthy post following the election defeat, said voter frustration over the war and the US-Israel relationship had contributed to the Republicans’ loss. Senate Minority Leader Chuck Schumer also pledged that Democrats would work towards ending the war soon.

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Adding to the developments, Donald Trump told the Financial Times on Wednesday, while polling was still underway, that there were no immediate plans to escalate attacks on Iran. He also acknowledged that it was “largely true” that the war had contributed to the Republican defeat.

Crude oil extended its losses and the dollar weakened after Democrats swept the midterm elections, winning control of both the Senate and the House of Representatives. The outcome has fuelled expectations that pressure on the Republican Party will intensify to bring the war with Iran to an end and negotiate a deal.

Gold, silver international prices

Spot gold climbed 1.9% to $4,134.83 an ounce by 0316 GMT, hitting its highest level since October 22. The yellow metal had surged around 3.4% in the previous session, marking its biggest single-day gain since August 19.

Among other precious metals, spot silver advanced 1.7% to $53.12 an ounce, while platinum rose 2.1% to $1,527.65. Palladium also gained 2.6% to trade at $1,030.14 an ounce.

How should you trade gold?

Manoj Kumar Jain of Prithvi Finmart attributed the recovery to easing inflation concerns following the fall in oil prices, weakness in the dollar index, softer US bond yields and the possibility of an end to the US-Iran war. Jain added that bullion markets had already entered deeply oversold territory, leaving room for a recovery on the back of a positive trigger.

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According to Jain, gold could extend its gains towards $4,140-4,220 if prices sustain above $4,000. Silver could move towards $55-57 per troy ounce if it holds above $52. However, both metals are expected to remain volatile this week amid fluctuations in crude oil prices, the dollar index and US jobs data.

For the international market, Jain sees support for gold at $4,022-3,980 per troy ounce, with resistance placed at $4,140-4,174. Silver has support at $51.20-50.00 per troy ounce and resistance at $54.00-55.20.

On the MCX, gold has support at Rs 1,42,000-1,41,400 and resistance at Rs 1,44,400-1,45,500. Silver has support at Rs 1,85,500-1,83,000, while resistance is placed at Rs 1,91,100-1,94,400.

Jain recommends buying gold in the Rs 1,42,400-1,41,000 range, with a stop loss below Rs 1,40,000 and a target of Rs 1,44,400-1,45,500. For silver, he suggests buying between Rs 1,86,000 and Rs 1,83,000, with a stop loss below Rs 1,79,800 and a target of Rs 1,91,100-1,94,400.

Gold rates in physical markets

Gold Price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 1,07,200/8 grams while pure gold (24 carat) prices stand at Rs 1,16,936/8 grams.

Gold Price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 1,07,080/8 grams while pure gold (24 carat) prices stand at Rs 1,16,816/8 grams.

Gold Price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 1,07,080/8 grams while pure gold (24 carat) prices stand at Rs 1,16,816/8 grams.

Gold Price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 1,07,080/8 grams while pure gold (24carat) prices stand at Rs 1,16,816/8 grams.

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