Home / Business and Economy / Gold, Silver Prices Plummet in India
Gold, Silver Prices Plummet in India
2 Nov
Summary
- Gold dropped ₹3,200 to ₹1,42,000 per 10 grams on November 1.
- Silver declined by ₹4,200 to ₹1,86,000 per kilogram.
- Global factors like US inflation and Fed rate hikes impact prices.
Gold prices in India saw a sharp decline on Sunday, November 1, 2026, with gold of 99.9% purity dropping ₹3,200 to ₹1,42,000 per 10 grams. This marks a continuation of weakness observed in October, with prices now tracking levels last seen in December 2025. Silver also experienced a steep fall, decreasing by ₹4,200 to ₹1,86,000 per kilogram from its previous close.
These domestic price drops mirror a broader downturn in the global commodities market. International gold rates have fallen below $3,900 per ounce, reaching their lowest point since October 2025. Factors contributing to this decline include stronger-than-expected US inflation data and increasing expectations of a December interest rate hike by the US Federal Reserve, which reduces demand for non-yielding assets like gold. Silver is facing similar selling pressure, influenced by concerns over industrial demand.
Looking ahead, analysts predict gold prices may remain range-bound in the coming weeks. A stronger dollar, rising bond yields, and higher interest rates are expected to limit significant upward movement. Volatility in crude oil prices, commentary from the US Federal Reserve, and geopolitical tensions are also anticipated to influence the trajectory of both gold and silver prices.
