Gold and silver prices in India continued their downward spiral on Sunday, November 1, 2026, approaching levels last seen in December 2025. Gold of 99.9% purity dropped by ₹3,200 to ₹1,42,000 per 10 grams, while silver fell by ₹4,200 to ₹1,86,000 per kilogram. The decline mirrors a broader weakness in global commodities, with international gold rates slipping below $3,900 per ounce, the lowest since October 2025.
The sharp correction in precious metals is attributed to several factors, including volatility in crude oil prices, persistent inflation, and the US Federal Reserve's hawkish outlook. Gaurav Garg, Head Research at Lemonn, noted that gold's fall below the $4,000 mark reflects reduced demand for non-yielding assets due to stronger-than-expected US inflation data and rising expectations of a December Fed rate hike.
Silver, which surged to record highs in January 2026, is now facing heavier selling pressure, with its decline reflecting broader weakness across precious metals and concerns over industrial demand. Analysts suggest that gold and silver prices are likely to remain range-bound in the coming weeks, as a stronger dollar, rising bond yields, and higher interest rates may restrict significant upside.
Siddharth Maurya, Founder & Managing Director of Vibhavangal Anukulakara Pvt. Ltd., highlighted that crude oil price volatility, US Fed commentary, and geopolitical tensions will continue to influence the trajectory of gold and silver prices. Rahul Khetawat, Senior Vice President and Fund Manager at 360 ONE Asset, added that rising energy prices and hawkish Fed commentary have weighed down the precious metals.