Gold futures on the Multi Commodity Exchange ticked up 0.51% to ₹1.49 lakh per 10 grams, while silver futures climbed 0.40% to ₹2.24 lakh per kg, marking the first gain in three sessions.
NS Ramaswamy, Head of Commodity at Ventura, said the uptick reflects a delicate balance between higher U.S. Treasury yields and a stronger dollar, which have kept opportunity costs for gold high. He added that the Fed’s next rate decision and the U.S. payroll report will be critical for the next move.
Colin Shah, Managing Director at Kama Jewelry, warned that while festive demand around Dhanteras and Diwali usually supports prices, elevated levels could push consumers toward lighter, contemporary pieces priced between ₹1.5 lakh and ₹3 lakh. He noted an expected 15‑20% spike in ticket size during the peak period.
Prithviraj Kothari, MD of RiddiSiddhi Bullions, highlighted silver’s volatility, citing its dual role as a safe‑haven and an industrial input. He pointed out that the rupee’s weakness keeps domestic bullion prices high, even as global prices fluctuate.
Gaurav Garg, Head of Research at Lemonn, added that a softer rupee will continue to lift domestic commodity prices, but the sensitivity to U.S. rate outlook and dollar strength remains.
Looking ahead, market participants are keeping an eye on the U.S. payroll data and the Diwali‑linked festive surge, with the wedding season also poised to provide a boost. Silver’s industrial demand and the rupee’s trajectory will continue to shape price action in the coming weeks.