Gold, silver rates today, November 2: Prices rebound ahead of Dhanteras and Diwali; Check gold rates in Chennai, Bengaluru, Hyderabad

With Dhanteras falling on November 6 and Diwali on November 8, demand for gold and silver jewellery, coins and other precious metal items is expected to pick up. The festive buying rush could provide fresh momentum to the domestic bullion market.

MCX gold price today

Gold futures on the Multi Commodity Exchange (MCX) were trading higher on November 2. MCX gold was quoted at ₹1,38,740 per 10 grams, gaining ₹255 or 0.18% at the time of writing.

The contract opened at ₹1,38,500 and touched an intraday high of ₹1,39,179. It recorded a low of ₹1,38,249 during the session. The average trading price stood at ₹1,38,857.75, while the previous close was ₹1,38,485.

MCX silver price today

Silver futures also witnessed a stronger rally, outperforming gold during the session. MCX silver was trading at ₹1,82,228 per kg, up ₹3,096 or 1.73% at the time of writing.

The metal opened at ₹1,80,206 and moved to an intraday high of ₹1,82,701. Its session low stood at ₹1,78,819, while the average price was ₹1,81,505.11. The previous close was ₹1,79,132.

Tanishq 22K gold rate today

This marks an increase of ₹37 per gram in a day. The rate had remained unchanged at ₹10,456 on October 31, following a sharp correction towards the end of October.

Dhanteras, Diwali demand and US midterm elections: What could drive gold prices this week?

Apart from domestic festive demand, global developments could also influence gold prices in November. The upcoming US midterm elections are among the factors investors will be watching, as political uncertainty and changes in expectations around US economic and monetary policy can influence safe-haven demand for gold.

At the domestic level, Dhanteras and Diwali could provide an additional demand boost. Gold and silver purchases are considered auspicious during this period, making the festive season an important driver for jewellery retailers and bullion dealers.