Gold and silver prices in Coimbatore and across India declined on Tuesday, November 3, 2026, following a global downturn. Spot gold fell 0.5% to $3,926.52 per ounce, while US gold futures for December delivery dropped 0.8% to $3,936.30. Silver saw a sharper decline, slipping 1.8% to $49.71 per ounce. Other precious metals like platinum and palladium also experienced drops.
In the domestic futures market, gold futures on the Multi Commodity Exchange (MCX) fell by 0.92% to ₹1,38,900 per 10 grams, and silver futures declined by 3.03% to ₹1,78,207 per kg. The price movements were attributed to a consolidation phase in the market, with investors seeking safe haven cover against inflation.
Tim Waterer, chief market analyst at KCM Trade, noted that gold is still in consolidation mode after significant losses last week. He explained that gold is being sold as a high-liquidity asset to cover losses elsewhere rather than being bought as a traditional safe haven, which is working against it in the current environment.
Across major Indian cities, the prices of 24-karat, 22-karat, and 18-karat gold, as well as 999 Fine silver, varied slightly but followed the overall trend. For instance, in Coimbatore, 24-karat gold was priced at ₹1,39,340 per 10 grams, while in Mumbai, it was ₹1,38,940 per 10 grams. Silver prices also showed minor variations, with Coimbatore at ₹1,78,920 per kg and Mumbai at ₹1,78,410 per kg.