Gold and silver price today, November 5: Check rates of 24K, 22K gold in Delhi, Mumbai, Kolkata other cities

• Gold and silver prices surged on November 5.
• Weaker US dollar and falling oil prices supported bullion.
• US election uncertainty boosted safe-haven demand.

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Gold and silver prices surged in early trading on November 5, supported by a weaker US dollar and falling crude oil prices, while uncertainty surrounding the US midterm elections lent further support to safe-haven demand

International gold spot price traded just above $4,127, up 1.65 percent, and silver inched 1.72 percent above $52 over the past 24 hours. US gold futures were trading with a 1.52 percent increase to $4,135 per ounce (02:33 GMT), while silver rose 1.58 percent to $53.11 per ounce.

Domestic spot gold closed the Tuesday (Nov. 4) session at Rs 1,41,255 per 10 grams and silver at Rs 1,85,654 per kilogram on Multi Commodity Exchange. MCX gold futures for December 4 delivery inched 0.04 percent to Rs 1,43,293 per 10 grams, while silver declined 0.08 percent to Rs 1,87,580 per kilogram from its previous close.

“Gold witnessed a sharp recovery as significant short covering emerged following the US election results. The outcome, with neither Republicans nor Democrats expected to have a decisive majority across Congress and the Senate, could limit the scope for major legislative changes and reduce concerns over further fiscal expansion,” Jateen Trivedi, VP Research Analyst at LKP Securities, said.

Going ahead, market participants will closely track the dollar, US bond yields and the Fed’s policy stance to assess whether the recovery can sustain.

Meanwhile, the dollar index was trading 0.53 percent lower to 101.18 in the late session on Wednesday, as Brent crude edged 0.73 percent down to $102.84 per barrel in futures trade. US Treasury yields also declined, supporting bullion.

Here’s how 24 Karat, 22 Karat, and 18 Karat gold prices moved.

Here’s how the price of 1 kilogram of silver of 999 purity moved.

Gold prices vary among cities. Here’s how the price of 10 grams of gold moved in your city.

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