Gold and silver prices traded lower on Friday, November 6, as profit-booking at higher levels and a firmer US dollar weighed on precious metals. The drop came after a strong rally on the prior session when prices rose in anticipation of de-escalating the tension between the US and Iran that had followed the Democratic Party's triumph in the US midterm elections.

Key Highlights

• The gold and silver prices fell on Dhanteras amid profit booking by investors and strengthening of the US dollar.
• The gold futures were trading around Rs 1,42,421 per 10 gram and silver futures at Rs 1,84,600 per kg.

Gold futures on Multi Commodity Exchange (MCX) were trading at Rs 1,42,421 per 10 gram and silver futures at Rs 1,84,600 per kg in the domestic market. Comex gold was trading around $4,061 per ounce and silver was trading around $51.67 per ounce in the international markets.

Gold Prices Fall on MCX During Dhanteras 2026

Gold prices were trading lower to start on the MCX. Benchmark December contract opened at Rs 1,42,161 per 10 gram, which is Rs 1,934 lower than the previous day's close of Rs 1,44,095.

The contract was reporting at Rs 1,42,421, down Rs 1,674 from the previous day. This is the highest price gold futures have crossed earlier this year at Rs 1,80,779 per 10 gram.

The drop was after a solid gain in the prior session as investors took profits amid recent price increases.

Silver Prices Also Decline on MCX

Silver prices also joined gold in the trading down as the December contract opened at Rs 185499 per kg, barring a 1641 increase from the previous day's close of Rs 187140.

At the time of reporting, the contract was trading at Rs 1,84,600, declining Rs 2,540. Earlier this year the silver futures touched the peak of Rs 4,20,048 per kg.

The loss in domestic silver prices was an echo of the weakness in international markets which saw investors also realizing profits from the recent gains.

Gold and Silver Prices Weaken in International Markets

Gold futures for delivery in six months opened at $4,098.50 an ounce on Comex, trade on at $4,113.50 per ounce. The contract closed at $4,061.20 at the time of the report, which is a $52.30 decrease.

Gold had previously reached a peak price of $5,586.20 per ounce this year.

Silver futures opened in Comex at $51.72 an ounce, up from a $52.37 Thursday close. The contract was selling at $51.67, about $0.70 lower. The price of silver earlier this year peaked at $121.79 per ounce.

Gold and Silver Price Levels to Watch

According to Ajay Kedia, director of Kedia Advisory, gold was witnessing technical short covering. Open interest declined 2.35% to 15,716 contracts, while prices increased by Rs 861 during the period under consideration.

The technical levels identified for gold include support at Rs 1,42,930, followed by Rs 1,41,760. Resistance is placed at Rs 1,45,690. A sustained move above this level could take prices towards Rs 1,47,280.

For silver, Kedia noted signs of long unwinding. Open interest declined 2.58% to 16,701 contracts, while prices fell by Rs 595.

Silver has support at Rs 1,84,230. A break below this level could push prices towards Rs 1,81,330. On the upside, resistance is seen at Rs 1,90,500, with a sustained move above it potentially opening the way towards Rs 1,93,850.

Also Read: India's Gold Demand Falls 29% to 162.5 Tonnes in Q3 2026

Why Are Gold and Silver Prices Falling?

Vikram Subburaj, CEO of online gold and silver trading firm Giottus.com, said the early pullback in gold and silver prices was due to a marginal uptick in the US dollar ahead of the release of US employment data.

International gold trading had seen more than a 5% rise in gold earlier in the week, aided by a falling U.S. Treasury yield and a weaker dollar. But on Friday morning these positive ingredients faded.

Investors were awaiting US employment data scheduled for release later in the day. According to Subburaj, stronger employment and wage-growth figures could reinforce expectations of higher interest rates, putting additional pressure on gold prices.

Conversely, weaker employment data could create room for a recovery in gold prices.

The movement in the US dollar, US Treasury yields and expectations around interest rates will therefore remain important factors influencing precious metal prices in the near term.

Gold and Silver Prices on Dhanteras: What Investors Should Track

The decline in gold and silver prices on Dhanteras came after a strong rally in the previous session, highlighting continued volatility in the precious metals market. Profit-booking and a rising dollar were dampening prices, but upcoming economic data from the US may affect international bullion rates.

Domestic investors and jewellery buyers will need to keep a track on fluctuations in global prices, change in foreign exchange and MCX futures trends.