The sudden rise in crude oil prices prompted markets to price in extended Federal Reserve tightening, with CME's FedWatch tool showing a 75% probability of a December rate hike. Consequently, December silver futures fell by ₹8,528 to ₹1,75,251 per kg, expanding year-to-date losses to 25%, while gold declined by nearly ₹2,079 to ₹1,37,863 per 10 grams. In addition to geopolitical worries, the World Gold Council halved its annual gold investment growth forecast to 200 metric tonnes due to sluggish retail appetite for bars and coins. Ahead of the U.S. midterm elections and a new jobs report, technical analysts expect both assets to test deeper support zones.
Key points
Surging crude oil prices following the strike on Qeshm Island revived global inflation co…: Surging crude oil prices following the strike on Qeshm Island revived global inflation concerns and rate hike expectations.
Traders now see a 75% probability of a Federal Reserve interest rate hike in December.: Traders now see a 75% probability of a Federal Reserve interest rate hike in December.
Technical analysts project that further downward pressure could push silver toward ₹170,0…: Technical analysts project that further downward pressure could push silver toward ₹170,000–₹172,000 and gold toward ₹134,000–₹135,000.
Sources checked by our analysis pipeline: 1
Silver prices resumed their losing streak in Tuesday's trade on November 3, after a brief recovery, as crude oil prices jumped following reports of a US strike on Iran's Qeshm Island. The development fuelled inflation concerns and reinforced expectations that global central banks could keep interest rates higher for longer.
The December silver futures contract on the MCX slipped ₹8,528 per kg to hit its lowest level since late November 2025 at ₹1,75,251. The decline erased all of Monday's gains of ₹4,647 and widened the metal's year-to-date losses to 25%.
Gold prices also retreated after the previous session's gains, with the yellow metal falling nearly ₹2,079 per 10 grams to ₹1,37,863. After posting losses for two consecutive months, both precious metals have started November on a volatile note.
Crude oil prices staged a strong recovery, rebounding 1% after reports that the United States had struck Iran's Qeshm Island. The development raised concerns about an escalation in the eight-month conflict and prolonged disruptions to oil supplies from the Middle East.
The reported attacks came days after US President Donald Trump indicated…
Trading sentiment remains divided across major indices as downward pressure from a key technology constituent weighs on broader equity performance. At the same time, participants are actively navigating heightened uncertainty surrounding the upcoming political landscape. These converging catalysts are keeping market momentum restrained during the current session.
Strategist Jeff Currie is advising energy investors to lock in profits following the substantial gains crude has experienced throughout the year. The noted bull believes the political and market environment surrounding the eve of the midterms marks a critical inflection point for the commodity. However, this tactical shift does not signal a permanent decline, as he expects longer-term structural tailwinds to endure.
Market participants are monitoring the downward price action currently impacting Arthur J. Gallagher during today's trading session. Investors are closely evaluating the situation as the equity experiences downward pressure without further details provided. The shift reflects a negative trajectory for the shares in the immediate term.