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Gold traded lower on MCX on November 3 ahead of US mid-term elections today, November 3, 2026. Meanwhile, December gold futures fell 0.87% to Rs. 1,38,961 per 10 grams, and December silver futures declined 2.3% to Rs. 1,79,556. Brent crude futures rose 0.14% to USD 104.9 per barrel. US West Texas Intermediate (WTI) advanced 0.34% to USD 96.79 per barrel.
24K gold rose by Rs. 27 to Rs. 1,39,640 per 10 grams, while 22K gold also advanced by Rs. 25 to Rs. 1,28,000. Citywise, Mumbai and Kolkata mirrored prices at Rs. 1,39,640, while Delhi was at Rs. 1,39,790 and Chennai at Rs. 1,39,640.
US gold prices fell on Tuesday, after surging over 2% in the previous session on a drop in oil prices that eased inflation concerns, while investors awaited the outcome of US midterm elections later in the day. Spot gold fell 0.5% to USD 3,926.52 per ounce.
US gold futures for December delivery dropped 0.8% to USD 3,936.30. Spot silver slipped 1.8% to USD 49.71 per ounce, platinum dropped 0.2% to USD 1,446.80 and palladium dipped 1.4% to USD 953.64.
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XAU/USD trades at USD 3,926 with a bearish near-term bias as price holds below the 20-day Exponential Moving Average (EMA) around USD 4,064. The Relative Strength Index stood at 36, just above oversold territory, hinting at weak downside pressure.
On the upside, immediate resistance is seen at the 20-day EMA near USD 4,064, and a daily close above this level would be needed to ease the current bearish pressure. On the downside, the yearly low at USD 3,870.23 is the critical support level; a decisive break below the same would expose Gold price to USD 3,800.
“Gold is still in consolidation mode after the price pummelling it took last week,” said Tim Waterer, chief market analyst at KCM Trade.
“Gold continues to be sold as a high-liquidity asset to cover losses and margin calls elsewhere rather than being bought as a traditional safe haven. That characteristic is working against it in the current environment,” he further added.