MCX gold futures decline to ₹1.20 lakh/10 grams; Silver falls on easing global uncertainties

On the MCX, yellow metal futures for the February 2026 expiry stood at ₹1,22,194 per 10 grams, down ₹521 or 0.42%.

Globally, Comex gold futures traded lower due to a firm dollar and diminishing prospects of a further rate cut by the US Federal Reserve next month. The yellow metal for December delivery slipped by $19.19, or 0.48%, to $3,994.81 per ounce.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.04% to 99.75.

Furthermore, investors will focus on cues from US macroeconomic data, including the Michigan consumer sentiment index, ISM PMI figures, and ADP private payroll data.

In its latest Gold Demand Trends report, the World Gold Council (WGC) said investor demand continued to dominate in the third quarter.

Global gold demand increased as massive exchange-traded fund (ETF) inflows stood at over 222 tonnes, while bar and coin demand posted its fourth consecutive quarter exceeding 300 tonnes, as per the industry body WGC.

Meanwhile, the lengthy US government shutdown has delayed several key economic releases, including monthly jobs data, creating uncertainty in markets.

Additionally, the US Supreme Court’s tariff hearing will be held on November 5.

Meanwhile, China removed a long-standing tax incentive on gold sales, a move that could raise consumer prices and weaken demand in one of the world's largest bullion markets.

On the MCX, silver futures for December delivery also declined, trading at ₹1,46,015 per kilogram, down ₹1,743 or 1.18%.

White metal contracts for the March 2026 expiry were trading ₹1,767 or 1.18% lower at ₹1,47,729 per kg, on the MCX.

Comex silver futures for December delivery was trading 0.62% lower at $47.75 an ounce, extending its losses for the third straight day, in the overseas trade.

Commodity markets will remain closed on Wednesday, November 5, on account of Guru Nanak Dev Jayanti.