Gold at ₹1.39 Lakh, Silver Below ₹1.80 Lakh: Why Prices Are Falling Before Dhanteras and Is More Correction Ahead?
By Shuchi, FinanceChecks.com | Published 3 November 2026 | Prices as of about 1 PM IST on 3 November 2026 | Category: Personal Finance | Reading time: about 6 minutes
Gold and silver prices fell sharply on Tuesday, 3 November 2026, three days before Dhanteras. A report of a US strike on Iran lifted oil prices again, revived inflation worries and pushed the metals lower. This article sets out the verified numbers, explains the causes, lists the events that could move prices this week and gives the levels analysts are watching. It does not predict a price, because nobody can.
Quick Answer
On MCX, December gold futures traded near ₹1,38,900 per 10 grams, down about ₹1,275, and December silver futures traded near ₹1,79,800 per kg, down about ₹3,950, in the afternoon of 3 November. Globally, spot gold was around $3,927 an ounce and spot silver around $49.70. The triggers were a reported US strike on Iran’s Qeshm Island, higher oil prices, and expectations that the US Federal Reserve may keep rates high or even raise them in December. Key events ahead are the US midterm election results, the US jobs report on Friday, 6 November, and Dhanteras on the same day. Analysts see MCX gold support near ₹1,38,500 and silver support near ₹1,76,000, but a break below them could mean further falls.
About This Guide
This article is written by the editorial desk of FinanceChecks.com, an independent Indian personal finance publication. Prices come from Business Today, Business Standard, India.com, Business Recorder, Analytics Insight, News Karnataka, CNBC-TV18 and XTB reports of 2 and 3 November 2026.This is educational content and not investment advice.
Drop in Price
| Metal (MCX December contract) | Price | Fall on the day |
|---|---|---|
| Gold | ₹1,38,912 per 10 grams | ₹1,275, or 0.91 percent (earlier lows showed falls of up to about ₹1,400) |
| Silver | ₹1,79,832 per kg | About ₹3,950, or 2.15 percent (earlier lows showed falls of up to about ₹4,622) |
| Domestic 24K gold | About ₹1,39,400 to ₹1,39,640 per 10 grams | Reported by two trackers on the morning of 3 November |
A larger fall of ₹8,500 for silver could result if measured from Monday’s intraday high to Tuesday’s low, but I could not confirm this, so please treat that number with caution. Reports also say silver is at levels last seen in late 2025.
Context from earlier sessions: MCX December gold settled at ₹1,40,186 and silver at ₹1,83,779 on Monday, 2 November, after a rebound of 1.3 percent and 2.6 percent. Tuesday’s prices are back close to Friday’s levels, when gold was near ₹1,38,485 and silver near ₹1,79,132, so the fall has erased Monday’s gains. October was severe: silver fell 19.17 percent and gold 7.23 percent over the month, according to Mint data cited by India.com.
For perspective, since 23 October the benchmark MCX gold has fallen about 2 percent and silver about 7 percent. From their highs earlier this year, the benchmark silver contract is about 57 percent lower (high ₹4,20,048 per kg) and gold about 23 percent lower (high ₹1,80,779 per 10 grams). Record highs differ slightly by contract.
Global Prices
| Metal | Level | Move |
|---|---|---|
| Spot gold | $3,926.52 per ounce | Down 0.5 percent, after rising more than 2 percent on Monday |
| COMEX gold futures | $3,956.60 | Down 0.33 percent |
| Spot silver | $49.71 per ounce | Down 1.8 percent |
| COMEX silver futures | $50.31 | Down 1.14 percent, close to the $50 mark |
| Brent crude | About $109.2 per barrel | Edged up on the Iran report after a sharp fall on Monday |
On Monday, spot gold had risen 2.1 percent to $3,954.41 and spot silver 3.1 percent to $50.64 as oil fell about 8 percent, according to a Reuters report cited by India.com. The gold to silver ratio is now about 79.
Why Are Prices Falling?
1. Oil and the Iran conflict. Oil rose after the Wall Street Journal reported that the US had struck Iran’s Qeshm Island. Higher oil raises inflation fears, which can keep interest rates elevated. The metals had rallied on Monday when oil dropped, so Tuesday’s move erased those gains. The conflict has run for about eight months.
2. Rate expectations. Gold and silver pay no interest, so they lose appeal when rates stay high. XTB, citing CME FedWatch data, put the probability of a US Fed rate hike in December at 73 percent. That figure comes from one source and changes daily, and JM Financial notes that the amount of tightening priced in has eased compared with a month ago. The next Fed meeting is on 8 and 9 December.
3. Selling for cash. One market analyst at KCM Trade said gold is still being sold as a high-liquidity asset to cover losses and margin calls elsewhere, rather than bought as a safe haven. That helps explain why it has not behaved like one this month.
4. Event risk. Investors are cautious ahead of the US midterm election results and the political impact of high energy costs.
What Could Move Prices This Week
| Date | Event | Why it matters |
|---|---|---|
| 3 November | US midterm election results, and US JOLTS job openings and factory orders data | Political uncertainty and early data on the economy |
| Friday, 6 November | US jobs report for October, released at 8:30 am ET (about 7 pm IST) | Strong jobs data can raise rate-hike bets and hurt gold |
| 6 November | Dhanteras | Peak festive buying in India |
| 8 November | Diwali | Festive demand and Muhurat sessions |
| 10 November | US inflation (CPI) report for October | Another input for the December Fed meeting |
| Ongoing | Oil prices and the US-Iran conflict | Oil is the main driver of rate expectations at present |
Levels Analysts Are Watching
Kedia Advisory’s Amit Gupta gave these levels on 3 November.
| Market | Support | Possible upside if support holds |
|---|---|---|
| International gold | $3,920 | $3,960 |
| MCX gold | ₹1,38,500 | ₹1,40,000 to ₹1,41,500 |
| International silver | $49.20 | $50.60 to $52 |
| MCX silver | ₹1,76,000 | ₹1,84,000 to ₹1,90,000 |
Another analyst view, from Ponmudi as reported by News Karnataka, puts the immediate MCX silver support zone at ₹1,78,000 to ₹1,80,000, so silver is trading right at that zone. These are technical views and not predictions. If prices close below the support levels, analysts would call it a sign of weakness. If they hold, a bounce is possible, but a rebound does not mean the correction is over.
Is More Fall Ahead?
Honestly, no one knows. The case for further weakness is that oil is still above $100, a Fed hike is being priced in and metals are being sold for liquidity. The case for stabilisation is that prices have already fallen a long way, Indian festive demand is picking up, and gold bounced more than 2 percent on Monday when oil eased. India’s 15 percent import duty is also built into domestic prices, so a change in duty could move them regardless of global trends.
The practical point for buyers is that the direction over the next few days depends more on oil and the Fed than on Dhanteras demand.
A Simple Plan for Dhanteras Buyers (Illustration, Not Advice)
At about ₹1,39,640 per 10 grams, ₹1 lakh buys roughly 7.2 grams of 24K gold before GST and making charges. If the price fell 5 percent, it would buy about 7.5 grams, and if it rose 5 percent, about 6.8 grams. That difference is small, so the more useful decisions are these:
- Buy in two or three parts instead of all at once if your budget allows.
- Buy only BIS hallmarked jewellery with a HUID and ask for a proper bill showing gold value, making charges and GST separately.
- Compare making charges between shops, since they can matter more than a day’s price move.
- Consider gold ETFs or funds for investment, and be careful with digital gold because SEBI has warned that it is outside securities regulation.
- Be careful with silver, which is more volatile and has fallen further than gold.
Also be careful with festive scams, such as fake gold schemes and “guaranteed price” links. Pay only through official channels.
My Take
The most useful habit in a falling market is to separate the need from the bet. If you need gold for a wedding or festival, buy in parts and do not try to catch the bottom. If you are investing, treat gold as a diversifier, not as a trade that must work this week. A move of 2 to 3 percent in a day is normal in the current environment, and silver can move twice as much.
Frequently Asked Questions
1. Why are gold and silver prices falling today? A reported US strike on Iran’s Qeshm Island lifted oil prices, which revived inflation worries and strengthened expectations that the Fed will keep rates high or raise them. Metals are also being sold for liquidity and investors are cautious ahead of the US midterm results.
2. What is the gold price in India today? On 3 November 2026, MCX December gold futures traded near ₹1,38,900 per 10 grams and domestic 24K gold was about ₹1,39,640. Your jeweller’s rate will include GST and making charges.
3. What is the silver price in India today? MCX December silver futures traded near ₹1,79,800 per kg in the afternoon, after falling below ₹1.80 lakh earlier.
4. Will gold and silver fall more before Diwali? They could, but they could also stabilise. Oil, the Fed’s path, the US jobs report and the Iran conflict are the main drivers. Analysts watch MCX gold support at ₹1,38,500 and silver support at ₹1,76,000.
5. Is it a good time to buy gold before Dhanteras? If you need gold for the festival, a lower price helps. Buying in parts, choosing hallmarked jewellery and comparing making charges matter more than timing the bottom. Dhanteras falls on 6 November.
Disclaimer
This article is for general information and education only. It is not investment, tax or legal advice and does not recommend buying, selling or holding any asset. Gold and silver prices are volatile and change continuously, analyst levels are opinions that may prove wrong, and prices quoted here are snapshots from about 1 PM IST on 3 November 2026. Consult a SEBI-registered investment adviser before making investment decisions.
Sources Consulted
Business Today, “Gold, Silver Prices Crash Ahead Of Dhanteras” (3 November 2026). Business Recorder, “Gold eases ahead of US midterm elections.” Analytics Insight and News Karnataka reports on MCX prices (3 November 2026). XTB market analysis of 3 November 2026. Business Standard reports of 28 September and 2 November 2026 on record highs and Monday’s rebound. India.com report of 3 November 2026 citing Reuters and Mint. CNBC-TV18 report of 2 November 2026 on COMEX weekly moves. BLS Employment Situation schedule as reported by financecalendar.com and other calendars.
Shuchi founded Finance Checks after spending 16+ years working in corporate, managing operations and distribution. She managed her own finances, learned and read regularly and helped people make sense of their savings, loans, insurance, and investments.
She started this site to offer the kind of clear, honest financial guidance she wished was more available when she was learning to manage her own money. Every article is researched personally, checked against official sources such as the Reserve Bank of India, SEBI, or the Income Tax Department, and revisited whenever regulations or figures change. She is upfront about how the site earns money through ads and select affiliate partnerships, and she does not let either influence what she actually recommends to readers.
