Diwali bling: Gold, silver prices surge up to 4% after US midterm elections - can gold hit Rs 1.58 lakh, silver Rs 2.55 lakh?
MCX gold rose 2.36% to Rs 1.42 lakh per 10 grams, while silver surged 4.06% to Rs 1.86 lakh/kg. Globally, gold gained 2.34% to $4,023/oz and silver climbed 4% to $52/oz.
- Nov 4, 2026,
- Updated Nov 4, 2026 3:18 PM IST
Gold and silver prices rallied sharply on Wednesday, November 4, across domestic and international markets, supported by a weaker US dollar, declining Treasury yields and heightened political uncertainty following the US midterm elections. The recovery comes ahead of Dhanteras, with investors closely tracking whether precious metals can sustain their upward momentum.
On the Multi Commodity Exchange (MCX), December gold futures climbed around 2.36% to Rs 1.42 lakh per 10 grams, while silver futures surged 4.06% to approximately Rs 1.86 lakh per kilogram.
Internationally, spot gold rose 2.34% to trade above $4,023 per ounce, gaining nearly $102 during the session. Silver advanced approximately 4% to $52 per ounce.
Why are gold and silver prices rising?
The rally followed the US midterm election results, which showed Democrats gaining control of both chambers of Congress, creating fresh uncertainty over President Donald Trump's policy agenda.
Market analysts believe the election outcome has weakened the dollar and pushed Treasury yields lower, making non-yielding assets such as gold more attractive.
The dollar index declined 0.54% to 101.17, while Brent crude futures slipped 0.49% to $103.09 per barrel, providing additional support to bullion prices.
However, analysts caution that political developments alone may not sustain the rally. Future price movements will depend on US monetary policy, inflation, bond yields and geopolitical developments.
MUST READ: Dhanteras gold buying checklist: 7 things to check before purchasing jewellery, digital gold or ETFs
Gold prices recover after sharp correction
Gold has experienced substantial volatility during 2026, having touched a record high of approximately $5,595 per ounce in January before correcting sharply.
The recent rebound follows a decline towards $3,870 per ounce, equivalent to approximately Rs 1.38 lakh per 10 grams.
According to a November 4 bullion market assessment, gold needs to sustain levels above $3,970, or approximately Rs 1,40,500, to strengthen its recovery towards $4,050, equivalent to Rs 1,43,500.
Silver has also recovered from oversold levels near $48.50 per ounce. A sustained move above $51 could open the possibility of a rise towards $54, equivalent to approximately Rs 1.97 lakh per kilogram.
ALSO READ: Gold jewellery gets costlier this Diwali: Hallmarking charges jump 67% — what buyers must know
Can gold reach Rs 1.58 lakh and silver Rs 2.55 lakh?
Religare Broking has identified an accumulation range of Rs 1.30 lakh–Rs 1.35 lakh per 10 grams for gold and Rs 1.50 lakh–Rs 1.63 lakh per kilogram for silver.
The brokerage has projected gold targets of Rs 1.50 lakh and Rs 1.58 lakh per 10 grams, while silver targets stand at Rs 2.17 lakh and Rs 2.55 lakh per kilogram.
Key downside levels are placed at Rs 1.21 lakh for gold and Rs 1.09 lakh for silver.
What should investors watch?
Global central-bank purchases and investment flows remain important drivers of bullion demand. Gold ETFs attracted $30.7 billion in inflows during the September quarter, according to figures cited by Religare Broking.
Market participants expect gold to remain supported by safe-haven demand, although higher US interest rates could limit gains. Silver may experience greater volatility because of its exposure to industrial demand.
For Indian investors, rupee movements, global gold prices and domestic demand will remain crucial factors determining the direction of precious metals.
DO READ: Gold bars, coins attract ₹81,890 crore in India despite 40% demand crash; how does China compare?
Gold and silver prices rallied sharply on Wednesday, November 4, across domestic and international markets, supported by a weaker US dollar, declining Treasury yields and heightened political uncertainty following the US midterm elections. The recovery comes ahead of Dhanteras, with investors closely tracking whether precious metals can sustain their upward momentum.
On the Multi Commodity Exchange (MCX), December gold futures climbed around 2.36% to Rs 1.42 lakh per 10 grams, while silver futures surged 4.06% to approximately Rs 1.86 lakh per kilogram.
Internationally, spot gold rose 2.34% to trade above $4,023 per ounce, gaining nearly $102 during the session. Silver advanced approximately 4% to $52 per ounce.
Why are gold and silver prices rising?
The rally followed the US midterm election results, which showed Democrats gaining control of both chambers of Congress, creating fresh uncertainty over President Donald Trump's policy agenda.
Market analysts believe the election outcome has weakened the dollar and pushed Treasury yields lower, making non-yielding assets such as gold more attractive.
The dollar index declined 0.54% to 101.17, while Brent crude futures slipped 0.49% to $103.09 per barrel, providing additional support to bullion prices.
However, analysts caution that political developments alone may not sustain the rally. Future price movements will depend on US monetary policy, inflation, bond yields and geopolitical developments.
MUST READ: Dhanteras gold buying checklist: 7 things to check before purchasing jewellery, digital gold or ETFs
Gold prices recover after sharp correction
Gold has experienced substantial volatility during 2026, having touched a record high of approximately $5,595 per ounce in January before correcting sharply.
The recent rebound follows a decline towards $3,870 per ounce, equivalent to approximately Rs 1.38 lakh per 10 grams.
According to a November 4 bullion market assessment, gold needs to sustain levels above $3,970, or approximately Rs 1,40,500, to strengthen its recovery towards $4,050, equivalent to Rs 1,43,500.
Silver has also recovered from oversold levels near $48.50 per ounce. A sustained move above $51 could open the possibility of a rise towards $54, equivalent to approximately Rs 1.97 lakh per kilogram.
ALSO READ: Gold jewellery gets costlier this Diwali: Hallmarking charges jump 67% — what buyers must know
Can gold reach Rs 1.58 lakh and silver Rs 2.55 lakh?
Religare Broking has identified an accumulation range of Rs 1.30 lakh–Rs 1.35 lakh per 10 grams for gold and Rs 1.50 lakh–Rs 1.63 lakh per kilogram for silver.
The brokerage has projected gold targets of Rs 1.50 lakh and Rs 1.58 lakh per 10 grams, while silver targets stand at Rs 2.17 lakh and Rs 2.55 lakh per kilogram.
Key downside levels are placed at Rs 1.21 lakh for gold and Rs 1.09 lakh for silver.
What should investors watch?
Global central-bank purchases and investment flows remain important drivers of bullion demand. Gold ETFs attracted $30.7 billion in inflows during the September quarter, according to figures cited by Religare Broking.
Market participants expect gold to remain supported by safe-haven demand, although higher US interest rates could limit gains. Silver may experience greater volatility because of its exposure to industrial demand.
For Indian investors, rupee movements, global gold prices and domestic demand will remain crucial factors determining the direction of precious metals.
DO READ: Gold bars, coins attract ₹81,890 crore in India despite 40% demand crash; how does China compare?