Gold and Silver Prices Dip on Dhanteras 2026
On November 6, 2026, domestic prices for gold and silver experienced a decline of up to 1.5% during the Dhanteras festival. Despite the traditional increase in festive buying interest, bullion rates remained under pressure as investors tracked global market volatility.
In Mumbai, standard 22-carat gold was priced at Rs 1,07,080 per 8 grams, while pure 24-carat gold stood at Rs 1,16,816 per 8 grams. In Delhi, the rates were slightly higher, with 22-carat gold at Rs 1,07,200 per 8 grams and 24-carat gold at Rs 1,16,936 per 8 grams.
Futures trading on the Multi Commodity Exchange (MCX) reflected mixed results. Gold futures previously gained approximately 0.5% to settle at Rs 1.43 lakh per 10 grams, while silver futures declined 0.4% to Rs 1.87 lakh per kilogram. Analysts at Prithvi Finmart have identified support levels for gold between Rs 1,41,400 and Rs 1,42,800, with resistance between Rs 1,45,100 and Rs 1,46,500. For silver, support is placed at Rs 1,81,800 to Rs 1,85,000, with resistance seen in the Rs 1,89,100 to Rs 1,91,400 range.
Market sentiment remains influenced by recent political and economic shifts, including a Democratic victory in the US midterm elections and a decline in oil prices. These factors have contributed to gold and silver being on track for their largest weekly gains since August. Spot gold recently climbed 0.4% to $4,103.55 an ounce, marking a 5.9% weekly advance, while silver rose 0.5% to $52.01.
Investors are now turning their attention to upcoming US non-farm payroll data. These employment figures are expected to shape expectations regarding Federal Reserve interest rate policy, which will likely influence the US dollar and subsequent demand for precious metals.
For financial professionals and retail investors, the current price fluctuations highlight the importance of distinguishing between gold as a personal festive purchase and gold as a strategic investment. With analysts suggesting accumulation during price corrections, market participants should watch how US labor data impacts the Federal Reserve's stance, as this will be the next major driver for bullion volatility.
Why it matters
The volatility in domestic bullion prices during a peak demand period like Dhanteras, coupled with upcoming US economic data, signals a critical period for investors balancing festive sentiment with global macroeconomic trends.
FAQ
What were the prices for 22-carat and 24-carat gold in Mumbai on November 6, 2026?
In Mumbai, standard 22-carat gold was Rs 1,07,080 per 8 grams, and pure 24-carat gold was Rs 1,16,816 per 8 grams.
What factors are influencing the current gold and silver market?
The market is being influenced by domestic festive buying, global market volatility, a Democratic victory in the US midterm elections, a drop in oil prices, and anticipation of US non-farm payroll data.
What is the outlook for gold and silver futures on the MCX?
Analysts at Prithvi Finmart suggest gold has support at Rs 1,41,400-1,42,800 and resistance at Rs 1,45,100-1,46,500, while silver has support at Rs 1,81,800-1,85,000 and resistance at Rs 1,89,100-1,91,400.
Source: Economic Times Markets. See the original source for full details.
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