MCX Gold vs MCX Silver rates today, 2 Nov: Check how precious metals are performing on Monday amid Sensex, Nifty surge
Domestic gold and silver futures traded higher on Monday, 2 November, as investors tracked global commodity markets ahead of the closely watched US midterm elections, which could shape global geopolitics over the next few years.
Silver outperformed gold in percentage terms during the morning session, though both metals remain highly volatile and vulnerable to geopolitical developments.
Indian equities, meanwhile, staged a strong recovery. The Nifty 50 reclaimed the 23,000 level and was trading 1.13%, or 260 points, higher at 23,313.95 at 11:42 AM.
MCX Gold vs MCX Silver: Latest rates
As of 11:59 AM, MCX gold futures were trading at ₹1,39,112 per 10 grams, up ₹627, or 0.42%, from the previous close of ₹1,38,485. The contract opened at ₹1,39,003 and touched a high of ₹1,39,179.
Silver futures were trading at ₹1,81,999 per kg, up ₹2,867, or 1.57%, from the previous close of ₹1,79,132. The contract opened at ₹1,81,094 and touched an intraday high of ₹1,82,701.
Silver’s sharper rise points to stronger momentum in the morning session, but one session does not make a trend. Gold and silver prices have stayed volatile over the past few months amid ongoing geopolitical developments.
Sensex, Nifty surge on Monday
Equity markets also opened higher. The BSE Sensex was trading 1.17% higher at 75,355.37 at 12:04 PM, after opening at 75,178.24, while the NSE Nifty 50 was up 1.09% at 23,304.35, after opening at 23,222.30.
Sentiment was supported by the upcoming US midterm elections, hopes of lower crude oil prices, expectations of progress in talks to end the US-Iran conflict, and strong corporate earnings.
Despite today’s simultaneous gains in equities and precious metals, investors should not assume the two will keep moving together. International bullion prices, the course of the US-Iran conflict, interest rate expectations, the rupee’s performance against the dollar and other geopolitical developments could affect gold and silver differently.
Investors should track these factors before making trading decisions, as today’s gains alone do not confirm a lasting recovery.