Indian silver futures fell to a session low Tuesday before recovering some ground, as traders balanced U.S. interest-rate concerns against renewed geopolitical risk in energy markets.
India’s Multi Commodity Exchange (MCX) December silver contract touched ₹175,251 per kilogram, ₹8,528 below its previous close, then stood at ₹177,173 at 5:13 a.m. ET (10:13 UTC). That quote, recorded at 3:43 p.m. India time, remained 3.59% below the previous close of ₹183,779, according to IFIN market data and Upstox’s previous-close figure. The prices are for December-delivery futures.
The December gold contract reached ₹137,863 per 10 grams and was at ₹138,350 at the same snapshot, down 1.31% from its previous close of ₹140,186. Its session low was ₹2,323 below that close.
Oil prices rebounded after reports of U.S. strikes on Iran. Brent crude futures rose $1.84, or 1.76%, to $106.61 a barrel by 2:44 a.m. ET (07:44 UTC), while U.S. West Texas Intermediate crude gained $1.60, or 1.66%, to $98.06, Reuters reported. Both benchmarks had dropped more than 7% on Nov. 2 as markets looked for progress in talks.
The Associated Press reported that an unnamed U.S. official said U.S. forces struck targets in the Strait of Hormuz on Nov. 2. Iranian state media reported explosions on Qeshm and Hengam islands and near Bandar Abbas. Reuters separately cited a U.S. official who said forces struck Qeshm Island; the Associated Press said the operation had not been publicly announced.
Rate expectations, Treasury yields and the dollar were also cited as pressures on bullion by Business Standard. The Federal Reserve held its target range at 3.75% to 4.00% on Oct. 28 and said inflation remained elevated. Two Federal Open Market Committee members favored a quarter-point increase. The World Gold Council’s Q3 outlook described competing influences: higher rates, yields and a stronger dollar may weigh on gold demand, while inflation risks and geopolitical tensions may support it. The council projected 2026 investment demand would finish about 200 metric tonnes above 2025, revising its earlier projection of a 400-tonne increase.
Mint reported that Enrich Money CEO Ponmudi R put silver’s technical support range at ₹170,000 to ₹172,000 and gold’s at ₹134,000 to ₹135,000. Those are the analyst’s assessments, not assured price floors.
The U.S. Bureau of Labor Statistics (BLS) is scheduled to release its October Employment Situation report Friday, Nov. 6, at 8:30 a.m. ET. The Federal Reserve’s next meeting is scheduled for Dec. 8-9, with its statement due Dec. 9 at 2 p.m. ET.
