December silver on COMEX rose 0.92% to $53.18 a troy ounce by around 6:30 am IST, while December gold gained 0.50% to $4,135.20
Silver outperformed gold in early global trading on Tuesday as Indian commodity markets stayed closed for Diwali, leaving domestic traders to wait until the MCX reopens.
December silver on COMEX rose 0.92 per cent to $53.18 a troy ounce by around 6:30 am IST, while December gold gained 0.50 per cent to $4,135.20. Both metals extended a rally from Monday, when MCX gold touched ₹1,44,400 per 10 grams before closing at ₹1,43,106, and silver hit ₹1,89,399 per kg before settling at ₹1,87,015, giving back a significant portion of intraday gains in both cases.
A softer US dollar and falling oil prices provided the backdrop for the advance. Brent crude slipped a further 1.1 per cent to $91.57 a barrel on Tuesday morning after US President Donald Trump signalled no additional military action against Iran so long as negotiations continue. Kaynat Chainwala, AVP Commodity Research at Kotak Neo, noted that “democratic gains in the US midterm elections have increased expectations that diplomatic efforts with Iran could gain traction,” driving crude lower and easing inflation pressure.
The gains, however, face a near-term test. October nonfarm payrolls rose 165,000, well above forecasts, reinforcing expectations of further Federal Reserve tightening. US CPI data is due at 7 pm IST, coinciding with MCX’s post-holiday session.
For Indian traders, the currency market is also shut, leaving Monday’s dollar-rupee close of ₹93.9275 as the only onshore reference when MCX reopens. Vikram Subburaj, CEO of Giottus, cautioned that “the first MCX print is worth treating as provisional,” given that inflation data and a closed forex market could together amplify early volatility.
Monday’s intraday highs, ₹1,44,400 in gold and ₹1,89,399 in silver, will serve as the key levels to watch when trading resumes.
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Published on November 10, 2026