Gold, silver prices rise after Diwali: What's driving the surge and what should investors do?
On the Multi Commodity Exchange (MCX), gold was trading at ₹1,43,750 per 10 grams, up 0.84%. Silver climbed 1.62% to ₹1,88,102 per kg.
- Nov 9, 2026,
- Updated Nov 9, 2026 11:19 AM IST
Gold and silver prices witnessed a strong rally on Monday, November 9, extending their recovery after a volatile period. Just a day after Diwali, precious metals regained their shine, with international gold climbing above $4,100 per ounce and silver moving past $53 per ounce. Softer crude oil prices, easing inflation concerns and continued central bank buying supported the recovery.
Spot gold rose 1.6% to $4,129.69 per ounce, while US gold futures for December delivery gained 1.6% to $4,139 per ounce. Silver advanced over 2% to trade around $53.07 per ounce.
Domestic Gold And Silver Prices
On the Multi Commodity Exchange (MCX), gold was trading at ₹1,43,750 per 10 grams, up 0.84%. Silver climbed 1.62% to ₹1,88,102 per kg. A stronger Indian rupee also helped lower the cost of imported gold, limiting some of the upside in domestic prices.
What's Driving Gold And Silver Prices?
Oil prices eased after US President Donald Trump indicated that further attacks on Iran were unlikely as diplomatic efforts continued. Lower crude prices can ease inflationary pressures and reduce expectations of interest rates staying higher for longer.
However, stronger US employment data have complicated the outlook. October unemployment fell to 4.1%, while market expectations of a December rate hike stood at around 79%. China's central bank also extended its gold-buying streak to 24 consecutive months, taking its holdings to 78.3 million ounces.
Amit Gupta's Outlook: Key Levels To Watch
Amit Gupta, Senior Research Head at Kedia Advisory, said, "Gold prices extended gains as softer oil prices eased inflation concerns. However, stronger October US employment data, with unemployment falling to 4.1%, reinforced expectations of a December rate hike. China's central bank extended its gold-buying streak to 24 consecutive months, providing support to the precious metal."
Gold And Silver Price Targets
Gupta sees international gold testing 4,160–4,220 if it sustains above $4,080. MCX gold could move towards ₹1,44,500–₹1,46,000.
For silver, a sustained move above $50 could open the way towards 55–58 internationally, while MCX silver could target ₹1,90,000–₹1,94,000 per kg.
Investors will now watch upcoming US inflation data and Federal Reserve signals for cues on the next move in precious metals.
Gold and silver prices witnessed a strong rally on Monday, November 9, extending their recovery after a volatile period. Just a day after Diwali, precious metals regained their shine, with international gold climbing above $4,100 per ounce and silver moving past $53 per ounce. Softer crude oil prices, easing inflation concerns and continued central bank buying supported the recovery.
Spot gold rose 1.6% to $4,129.69 per ounce, while US gold futures for December delivery gained 1.6% to $4,139 per ounce. Silver advanced over 2% to trade around $53.07 per ounce.
Domestic Gold And Silver Prices
On the Multi Commodity Exchange (MCX), gold was trading at ₹1,43,750 per 10 grams, up 0.84%. Silver climbed 1.62% to ₹1,88,102 per kg. A stronger Indian rupee also helped lower the cost of imported gold, limiting some of the upside in domestic prices.
What's Driving Gold And Silver Prices?
Oil prices eased after US President Donald Trump indicated that further attacks on Iran were unlikely as diplomatic efforts continued. Lower crude prices can ease inflationary pressures and reduce expectations of interest rates staying higher for longer.
However, stronger US employment data have complicated the outlook. October unemployment fell to 4.1%, while market expectations of a December rate hike stood at around 79%. China's central bank also extended its gold-buying streak to 24 consecutive months, taking its holdings to 78.3 million ounces.
Amit Gupta's Outlook: Key Levels To Watch
Amit Gupta, Senior Research Head at Kedia Advisory, said, "Gold prices extended gains as softer oil prices eased inflation concerns. However, stronger October US employment data, with unemployment falling to 4.1%, reinforced expectations of a December rate hike. China's central bank extended its gold-buying streak to 24 consecutive months, providing support to the precious metal."
Gold And Silver Price Targets
Gupta sees international gold testing 4,160–4,220 if it sustains above $4,080. MCX gold could move towards ₹1,44,500–₹1,46,000.
For silver, a sustained move above $50 could open the way towards 55–58 internationally, while MCX silver could target ₹1,90,000–₹1,94,000 per kg.
Investors will now watch upcoming US inflation data and Federal Reserve signals for cues on the next move in precious metals.