Gold and silver prices rebounded on November 5, 2026, ahead of Dhanteras, following sharp corrections from their record highs earlier in the year. The recovery was driven by a weaker US dollar and lower US Treasury yields, although uncertainty around the US Federal Reserve's interest rate outlook kept precious metals volatile. On the MCX, December gold futures were trading at ₹1.44 lakh per 10 grams, up 1.11%, while December silver futures stood at ₹1,87 lakh per kg, gaining 0.12%.
The rebound comes after gold fell from an international peak of nearly $5,600 per ounce in January 2026 to below $4,000 an ounce. Silver, which had crossed $100 per ounce, also witnessed a steep correction. Ashish Rajodiya, Head of Commodities at PL Capital, attributed the recent price gains to a weaker dollar and declining Treasury yields following the US midterm election outcome. He noted that expectations of political gridlock and tighter federal spending had influenced market sentiment.
Market analysts maintain a positive long-term outlook for gold despite near-term volatility. Motilal Oswal Financial Services, in its latest report, described the sharp correction as a technical deleveraging event rather than a reversal of the broader bull cycle. Domestic 24-carat gold prices have risen around 7%-8% year-on-year ahead of Dhanteras 2026. Motilal Oswal sees international gold in an accumulation range of $3,800-$3,900 per ounce, with a medium-term target of $4,500-$4,700 an ounce. For domestic gold, it identifies ₹1.35 lakh per 10 grams as an accumulation level and sees potential for prices to reach ₹1.60 lakh-₹1.68 lakh per 10 grams over the medium term.
Buyers are shifting towards coins, lighter jewellery, and exchange-traded products such as gold ETFs. Vedant Gupte, Co-Founder and CEO of Trackk, noted that investors are distinguishing between buying gold for personal use and investing in it. Dishi Somani, Founder of DishiS Designer Jewellery, said buyers are considering design, personal style, and the long-term value of jewellery while making festive purchases.