Precious metals slipped across global and domestic exchanges as resilient American labor metrics reinforced expectations of prolonged monetary tightening to curb persistent inflation. While retreating crude oil costs offered minor support by softening long-term price pressures, precious metals remain sensitive to the upcoming United States midterm elections and ongoing Middle Eastern friction. In the physical retail segment, 24-carat gold settled at Rs 1,11,840 per 8 grams in Delhi and Rs 1,11,720 across Mumbai, Chennai, and Hyderabad.
Key points
Technical analysis sets MCX gold support levels between Rs 1,38,800 and Rs 1,38,000, with…: Technical analysis sets MCX gold support levels between Rs 1,38,800 and Rs 1,38,000, with resistance starting at Rs 1,40,000.
Analysts recommend that short-term traders exercise caution due to elevated market volati…: Analysts recommend that short-term traders exercise caution due to elevated market volatility tied to the United States midterm elections.
Long-term investors are advised to leverage current price dips to systematically accumula…: Long-term investors are advised to leverage current price dips to systematically accumulate gold and silver assets.
Sources checked by our analysis pipeline: 1
In the domestic market, MCX silver futures for December 2026 delivery were down by Rs 2,000 to Rs 1,77,784 per kg. Gold futures for December 2026 delivery fell marginally to Rs 1,30,300 per 10 grams.
US job openings rose sharply in September, while layoffs declined to their lowest level in 1-1/2 years, indicating that the labour market remained relatively strong despite modest employment growth during the month.
The labour market's resilience, despite uncertainty surrounding the US-Israeli war with Iran, which has entered its ninth month, has given the Federal Reserve greater room to raise interest rates to contain the inflationary impact of the conflict.
The decline in oil prices, however, eased concerns over inflation and strengthened expectations that the Federal Reserve may not need to maintain high interest rates for an extended period. This supported demand for gold, which does not offer any yield.
Investors were also preparing for a potentially strong performance by Democrats in Tuesday's US midterm elections, a development that could lead to greater volatility across asset prices. Traders are currently pricing in a 78% probability of…
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Mounting macroeconomic pressures, including climbing U.S. bond yields, dollar volatility, and broad profit-taking, have triggered steep sell-offs across precious metal markets. Despite this sudden downturn, long-term structural demand remains underpinned by robust central bank reserves, geopolitical instability, and industrial needs. Analysts suggest this pullback has pushed both assets into oversold conditions, potentially favoring patient buyers who space out their market entries.
Projected legislative control by Democrats sparked widespread risk-off sentiment across international financial markets, dampening the greenback alongside equities and fixed-income returns. Investors are heavily discounting the prospect of stringent regulatory policies targeting artificial intelligence, major technology firms, and financial institutions. Consequently, sectors exposed to defense spending and semiconductor infrastructure face mounting headwinds as policy trajectories shift.