Bullion bounced back. COMEX gold futures climbed 0.93% to trade at $4,111 per ounce in international trade on Thursday, November 5, recovering from an intraday floor of $4,067 to touch a peak of $4,128.50. The $38 gain wiped out mid-week softness as dollar-denominated assets drew heavy bargain-hunting across trading desks. Silver tracked the move, advancing 0.47% or $0.248 to change hands at $52.53 per ounce after touching a high of $52.99.
The catalyst sat squarely in Washington. The US dollar retreated across the board after Democrats locked in majorities across both the Senate and the House of Representatives in the midterm elections. That clean sweep eliminated the prospect of a contested recount while locking in expectations of legislative gridlock—a scenario that historically crimps sweeping fiscal expenditures and drives down Treasury yields. In response, the US Dollar Index dropped 0.06% to 101.41 on Thursday, extending a 0.36% slide logged in the preceding session. For offshore bullion buyers, a softer greenback made purchase tickets instantly cheaper.
| Contract / Asset | Current Level | Day's Change | Intraday Range | Source / Benchmark |
|---|---|---|---|---|
| COMEX Gold Futures | $4,111.00 / oz | +$38.00 (+0.93%) | $4,067.00 – $4,128.50 | New York Mercantile Exchange |
| COMEX Silver Futures | $52.53 / oz | +$0.248 (+0.47%) | $52.275 – $52.990 | New York Mercantile Exchange |
| US Dollar Index (DXY) | 101.41 | -0.06% | 101.35 – 101.55 | Intercontinental Exchange |
| India Spot Gold (99.9%) | ₹1,46,000 / 10g | +₹4,800 | Tax-inclusive rate | All India Sarafa Association |
| India Spot Silver | ₹1,93,000 / kg | +₹9,000 | Tax-inclusive rate | All India Sarafa Association |
In India's spot bullion hubs, physical demand caught fire. Spot prices staged a sharp recovery on Wednesday, November 4, spurred by firming global cues and an eleventh-hour retail scramble before Dhanteras on November 6. Data released by the All India Sarafa Association showed 99.9% purity gold climbing by ₹4,800 to quote at ₹1.46 lakh per 10 grams, inclusive of taxes. Silver followed suit with an aggressive ₹9,000 jump, settling at ₹1.93 lakh per kilogram. Jewellers noted that while the sharp correction earlier in the week revived footfalls, overall festival sales volumes will likely finish flat compared to last year's tally.
Institutional bullion desks see this rebound as both macro-driven and technically overdue. "Gold and silver have rebounded as the US dollar weakened following Democratic gains in the midterm elections," said Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Ltd. and President of the India Bullion and Jewellers Association. He pointed out that anticipated fiscal drag from political gridlock, paired with falling bond yields, handed bullion an immediate tailwind from deeply oversold levels.
Yet the path higher faces clear hurdles. Market participants now pivot toward imminent US employment prints and signals from the Federal Reserve's rate-setting corridor to measure whether bullion can sustain this breakout. Lingering diplomatic frictions in US-Iran relations also remain an active geopolitical hedge for institutional portfolios over the final quarter.