Gold, Silver Prices Rally Up to 2% as Softer Crude Oil and Weaker US Dollar Boost Bullion

November 9, 2026

New Delhi: Gold and silver prices moved higher by as much as two percent on Monday on weaker crude oil prices, a weaker US dollar and improving sentiment. Domestic and international markets saw robust buying activity and silver outperformed gold.

Gold futures for December 4 delivery were trading at a peak of 1.29 percent higher at Rs 1,848 to hit Rs 1,44,400 per 10 grams on the Multi Commodity Exchange (MCX).

Around 12:55 pm gold was trading at Rs 1,43,700 per 10 grams, rising 1,148 or 0.81 percent.

Silver futures for December 4 delivery rose smartly to peak at 2.32 percent higher at Rs 4,299 to hit Rs 1,89,399 per kg.

Silver was trading at Rs 1,86,840 per kg, up 1,740 or 0.94 percent.

Gold/Silver Price Rally – Why?

Bullion prices continued its gap up rally as weaker crude oil prices reduced inflation fears and a slight dip in the US dollar, commodity market experts said.

Gold also rose on the back of gains seen after the US mid term elections. Despite better-than-expected jobs data from October and a fall in the unemployment rate to 4.1 percent, which increases expectation of an interest rate hike by the US Federal Reserve in December.

Investors will be looking very closely at the geopolitical situation, the impact of the Russia-Ukraine peace talks, crude oil prices, US inflation figures and the Fed for signs of where precious metals are headed.

International Gold/Silver Prices

Precious metals saw gains internationally.

Gold rose around one percent to hit just under $4,130 per ounce on COMEX, while silver rose around two percent to hit $53.10 per ounce.

Silver outperformed on the back of the rally.

MCX Gold/Silver Key Levels

Commodity market experts highlighted key levels to watch.

MCX gold faces immediate support at Rs 1,43,000 to Rs 1,43,700 and resistance at Rs 1,45,300 to Rs 1,46,000.

If gold can break above Rs 1,46,000 it would see gold extend its rally. However if it breaks below Rs 1,43,000 then it could see gold come back down.

MCX silver faces immediate support at Rs 1,86,000 to Rs 1,88,000 per kg and resistance at Rs 1,94,000 to Rs 1,96,000.

If silver can rally above Rs 1,96,000 then it could extend. If it breaks below Rs 1,86,000 then it could see silver retrace back to Rs 1,80,000.

Gold/Silver Outlook

Overall, the outlook for the precious metals looks positive in the short-term, commodity market experts said.

But higher US Treasury yields and the expectation of an interest rate hike by the Federal Reserve in December may restrict any further gains.

Crude oil prices continue to be pressured by easing tension between the United States and Iran.

Investors will continue to watch the US dollar, crude oil, geopolitical situation and US inflation figures for new clues.