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Gold prices edged slightly higher internationally on Wednesday, November 5, 2025, as buyers took advantage of lower prices after a sharp fall. The yellow metal had slipped to a near one-week low on Tuesday, pressured by a stronger US dollar and fading expectations of another Federal Reserve rate cut this year.
In the international market, spot gold rose 0.3% to $3,941.92 per ounce, recovering modestly after Tuesday’s 1.5% drop, the steepest one-day decline in over a week.
US gold futures for December delivery, however, slipped 0.3% to $3,950.40 per ounce, indicating lingering caution among traders ahead of upcoming US private payroll data, which could offer clues about the Federal Reserve’s next policy move.
Spot silver held steady at $47.10 per ounce, while platinum fell 0.9% to $1,521.30 and palladium declined 0.5% to $1,384.51.
In Mumbai, gold prices edged lower. The price of 24-carat gold fell to Rs. 12,148 per gram from Rs. 12,246 a day earlier, while 10 grams traded at Rs. 1,21,480 compared to yesterday’s Rs. 1,22,460.
Similarly, 22-carat gold slipped to Rs. 11,135 per gram from Rs. 11,225, with the 10-gram price easing to Rs. 1,11,350 from Rs. 1,12,250.
In Chennai, gold prices also decreased. The price of 24-carat gold declined to Rs. 12,197 per gram from Rs. 12,273 the previous day, while 10 grams fell to Rs. 1,21,970 from Rs. 1,22,730.
22-carat gold also decreased to Rs. 11,180 per gram from Rs. 11,250, and for 10 grams the price declined to Rs. 1,11,800 to Rs. 1,12,500.
The decline follows several weeks of strong gains, prompting expectations of further consolidation in the near term.
Despite the short-term volatility, gold prices in India remain significantly higher year-to-date. Since January 2025, the precious metal has rallied nearly 60%.
On the Multi Commodity Exchange (MCX), gold futures for December expiry settled at Rs. 119,797 per 10 grams, down from previous highs. Silver futures for December expiry also slipped, closing at Rs. 145,484 per kilogram.
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According to Manav Modi, Analyst, at Precious Metals Research, Motilal Oswal Financial Services, concerns over slower Chinese factory activity and the end of tax exemptions for gold retailers in China may also weigh on short-term sentiment.
Aksha Kamboj, Vice President of the India Bullion & Jewellers Association (IBJA), noted that “gold continues to serve as a long-term inflation hedge and a geopolitical safety net,” though the recent price cooling suggests that buyers are taking a more measured approach.
