Summary:
Gold and silver prices have corrected sharply from their 2026 peaks amid rising interest rate concerns, stronger bond yields and dollar movements. Despite a November 4 rebound, investors are watching Federal Reserve policy, inflation data and industrial demand for further direction.
Gold and silver prices have corrected sharply from their 2026 highs, pressured by rising US bond yields, a stronger dollar and expectations of additional Federal Reserve interest rate hikes weighing on precious metals. International gold came under pressure after hitting a recent one-year low, but both metals have recovered in early trading on November 4, 2026. The fall has also raised concerns about whether prices will recover in time for India's festive buying season.
Gold and silver prices today, November 4, 2026
Gold and silver prices rose in the Indian physical market on Wednesday after falling in the previous session.
Here are the benchmark rates for November 4 morning as per the India Bullion and Jewellers Association (IBJA):
| Commodity | Price on 4 November |
| Gold 24 carat (purity: 999), 10 grams | ₹1,41,062 |
| Gold 22 carat (purity: 916), 10 grams | ₹1,29,213 |
| Silver (purity: 999), 1 kg | ₹1,84,200 |
Prices are exclusive of 3% GST & jewellery making charges. The retail price of gold can differ from city to city and from seller to seller.
Gold futures on the Multi Commodity Exchange (MCX) for December delivery was last seen trading around ₹1,39,452 per 10 grams, down 0.52% on November 3. Silver futures fell 2.22% to ₹1,79,698 per kg.
Why Are Gold and Silver Prices Falling?
The biggest source of pressure is the US interest rate outlook.
The Federal Reserve raised its benchmark interest rate by 25 basis points to 3.75-4.00% on September 16 2026. It then held range at its Oct. 28 meeting.
Precious metal prices, however, continued to face pressure from expectations of another rate hike in December.
Higher rates make interest-bearing investments, including U.S. Treasury securities, comparatively more attractive.
Gold and silver do not give regular income from interest. Higher bond yields can then make them less attractive to investors.
Another headwind is a strong dollar. International precious metals prices are quoted in dollar terms. A stronger dollar makes gold and silver more expensive for buyers in other currencies.
Silver is also exposed to industrial demand risks as it is widely used in electronics, solar equipment and electrical applications.
How far have gold & silver fallen from their peaks?
The correction has been tremendous.
Gold international hit a high of $5,595 an ounce earlier in 2026 but dropped back to around $3,900 in early November.
Silver had an even steeper correction, sliding from January highs of around $121.58 an ounce to below $50.
Spot gold hit a 12-month low in late October before a short-lived rebound.I'm going to try to do it in English."
International gold futures settled at $3,940.40 an ounce on Nov. 3, while silver was around $49.75.
The bigger decline in silver is a reflection of the metal’s higher price volatility and sensitivity to investment and industrial demand currents.
Gold and Silver Prices – Will they bounce Back After the Correction?
In the medium term, the strength of the recovery will depend a great deal on US monetary policy, inflation and the behavior of the dollar.
Weaker bond yields or lower expectations for further rate hikes could relieve pressure on precious metals.
Festive jewelry buying could provide some support to physical demand in India. However, the domestic gold rates are also linked to rupee-dollar exchange rate and import related costs.
Silver will also be affected by industrial consumption.
The Nov. 4 bounce in prices does show some bounce but it doesn't prove the correction is over. Next week’s key US jobs data, inflation numbers and Federal Reserve decisions will be crucial in determining if gold and silver prices stabilize or face more selling pressure.
