Gold prices surge on MCX, cross the 1.42 lakh mark

On November 4, 2026, a significant surge was observed in gold prices on the Indian Multi Commodity Exchange (MCX). By 13:10, the gold price touched the level of 1,42,456.00 rupees. Against the previous closing price of 1,39,452.00 rupees, gold recorded an increase of 3,004.00 rupees, or 2.15 percent. On this day, gold opened at 1,39,408.00 rupees and was seen trading in the range of 1,39,177.00 to 1,42,550.00 rupees during the day. The trading volume of gold on MCX was 4,315.00, while the bid and ask rates were around 1,42,457.00 and 1,42,499.00 rupees. Additionally, the lot size of gold is 1.00 and the total open interest was recorded at 16,017.00, which saw a decline of 351.00 or 2.14 percent. According to market experts, a short-covering process is underway in the futures market, which indicates a strong bullish trend.

Gold and silver prices have also touched the sky in local markets. In the Delhi bullion market, the price of 99.9 percent pure gold increased by 4,800 rupees to 1,46,600 rupees per 10 grams, which was earlier 1,41,800 rupees. A major surge was also seen in silver prices, which rose by 9,000 rupees to reach 1.93 lakh rupees per kilogram. According to Saumil Gandhi of HDFC Securities, the main reasons behind this price rise are recovery in the international market and local festive demand. On the other hand, Manoj Jain of Prithvi Finmart Private Limited estimates that gold prices in India could stabilize around 1,30,000 rupees per 10 grams by the end of the year. According to Vandana Bharti of SMC Global Securities, gold is now building a foundation for further gains, with a target of 1,42,000 rupees and a support level of 1,37,000 rupees.

Gold has also seen a rise internationally. On November 4, 2026, spot gold rose 3 percent to reach 4,041 dollars per ounce, which is the biggest daily surge in the last 2 months. The US Dollar Index fell 0.3 percent to 101.52, which has supported the demand for gold internationally. The Dollar Index reached a 5-week low of 101.3 on November 4. There is an atmosphere of uncertainty in the market due to the lead of the Democratic Party in the results of the midterm elections in America. According to NBC News estimates, Democrats are heading towards winning at least 258 seats in the House. According to Rajeev Saran of Brickwork Ratings, gold prices had fallen by about 8 percent in the month of October due to a strong dollar and a rise in bond yields. According to the World Gold Council (WGC), India's gold demand is expected to fall to 650 tonnes in 2026 due to record prices, cost of living, and a weak monsoon, which would be the lowest in the last six years. Compared to last year, gold has become 5 to 7 percent more expensive this festive season, whereas on the previous Dhanteras, it was 65 percent more expensive on a year-on-year basis.