Gold and silver prices on November 4 rose as spot gold gained 0.81%

On November 4, gold and silver traded marginally higher in early trading, with international spot gold up 0.81% to just above $3,961 over the previous 24 hours. Domestic futures were mixed, while the reported details did not state the actual 24K, 22K or 18K gold rates for Delhi, Mumbai, Kolkata and other cities. The 999-purity silver figure was also not provided.

Spot gold stood above $3,961 after a 0.81% rise

The 4 November price update put international spot gold just above $3,961 after a 0.81% rise over the previous 24 hours. It placed international silver above $50 after a 0.50% increase over the same period.

Domestic futures were steady for gold and higher for silver

Multi Commodity Exchange data showed December 4 domestic gold futures at ₹1,39,312 per 10 grams at 9:02 AM IST, with the price unchanged from the previous close. Silver futures were at ₹1,78,040 per kilogram at 9:02 AM IST after a 0.92% rise.

The exchange data showed that MCX spot gold had closed at ₹1,37,034 per 10 grams on Tuesday, November 3. MCX spot silver had closed at ₹1,76,148 per kilogram on the same day.

US election and labour data remained outstanding Fed inputs

The 4 November price update identified the US midterm election results, unemployment figures and Non-Farm Payrolls data as outstanding developments for assessing the Federal Reserve's future policy stance. It also listed oil prices, US inflation, Federal Reserve policy expectations and industrial demand from technology, solar and electrification-related sectors as drivers for gold and silver.

Vikram Subburaj, CEO of Giottus, said Indian gold and silver futures showed a mixed trend in early trading. He said lower oil prices were easing some inflation concerns.

Subburaj said the market was balancing softer energy prices against the prospect of tighter US monetary policy.

City-wise gold and 999-purity silver figures were not stated

The 4 November price update identified 24K, 22K and 18K gold rates for Delhi, Mumbai, Kolkata and other cities, but the supplied details did not state the actual figures. Its 999-purity silver section referred to the kilogram rate without providing the actual figure in the supplied details.