Gold and Silver Prices Next Week: MCX Gold Near ₹1.42 Lakh, Silver at ₹1.84 Lakh; Key Events to Watch Amid US-Iran War

Gold and silver prices could remain under pressure in the week starting November 9, 2026, as the US-Iran war, crude oil prices and upcoming inflation data keep bullion markets on edge. Both metals gained around 3% on the Multi Commodity Exchange (MCX) last week, but the rally lost momentum on Friday as stronger US employment numbers lifted the dollar and bond yields.

MCX December gold futures closed at ₹1,42,224 per 10 grams on November 6, while December silver futures settled at ₹1,84,095 per kg. For the week, gold gained ₹3,682 and silver rose ₹5,655, or 3.15%.

Overseas, Comex December gold futures rose $176, or 4.5%, during the week to $4,074.90 per ounce. Silver gained $2.60, or 5.4%, to close at $51.94 per ounce.

The gains came after a volatile start to November, with prices recovering sharply following the US midterm elections. However, fresh developments in the Middle East and the latest US jobs report have brought inflation and interest rates back into focus.

Why Gold and Silver Prices Rose Last Week

Gold and silver started the week under pressure after stronger US economic data supported the dollar and Treasury yields. Prices recovered following the US midterm election results, which saw Democrats win control of both the Senate and the House of Representatives.

The dollar weakened after the election outcome, while buying at lower levels helped gold and silver recover from their earlier losses.

Precious metals also drew demand as global technology and artificial intelligence-related stocks came under selling pressure. The recovery in silver was partly limited by weakness in industrial metals, including copper.

By Thursday, MCX gold had moved above ₹1.43 lakh per 10 grams, while silver had traded near ₹1.90 lakh per kg. The gains, however, did not last through Friday.

Gold futures declined 1.45% on MCX on November 6, while silver fell 1.65%. The decline followed the release of US employment data, which showed that the economy added 165,000 jobs in October, compared with expectations of 65,000. The unemployment rate also fell to 4.1% from 4.2%.

The stronger jobs report lifted the dollar and Treasury yields, putting pressure on bullion towards the end of the week.

Despite Friday's decline, gold and silver retained gains in both domestic and international markets.

US-Iran War, Inflation Data in Focus for Gold and Silver Next Week

The US-Iran war will remain one of the developments to watch next week, particularly after US President Donald Trump confirmed fresh military strikes on Iran. Trump also said Washington had made progress in negotiations with Tehran.

Crude oil prices have seen sharp movements amid developments in the Middle East. Brent crude fell to around $97–98 per barrel last week from levels above $100, while WTI crude moved towards $90 per barrel.

Apart from the conflict, the coming week will bring inflation figures from the US, India, China, Germany and Japan. The data will be watched for changes in price pressures and their implications for interest rates.

Comments from US Federal Reserve officials will also be in focus after the stronger-than-expected October employment report.

The Fed kept interest rates unchanged at its October meeting, while subsequent comments from policymakers indicated that inflation remained a concern.

In India, the rupee, international gold and silver prices and festive demand around Diwali will also be among the factors affecting domestic bullion trading.

The MCX morning session will remain closed on Tuesday, November 10, on account of Diwali-Balipratipada. Gold and silver ended the previous week higher despite Friday's decline. The next scheduled inflation releases and developments in the US-Iran conflict will be among the main news events for bullion markets when trading resumes.

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