Gold and silver prices showed signs of recovery on November 3 after recent declines pushed precious metals towards lower levels. International gold was trading near $3,945 per ounce in early trade, while silver remained above $50 per ounce. The recovery came as markets assessed reports of diplomatic discussions between the United States and Iran and the resulting movement in energy prices.
On the domestic exchange, MCX December gold futures were quoted around Rs.1,40,242 per 10 grams, while December silver futures were trading near Rs.1,83,555 per kilogram in the early update. Prices remained sensitive to expectations surrounding US interest rates, dollar movements and upcoming employment data.
Market participants are also monitoring geopolitical developments, as changes in risk sentiment can influence demand for precious metals. The direction of bullion prices will depend on how these factors evolve in the coming sessions.
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