MCX Gold December Futures Slip 0.87% to Rs 1,38,961 per 10 Grams as Oil Pressures Ease
Gold futures traded lower on the Multi Commodity Exchange (MCX) on Tuesday, November 3, 2026, as domestic contracts tracked retreating global bullion benchmarks amid cooling energy prices and investor caution ahead of the US midterm elections.
The active December gold contract on the MCX fell by 0.87% to trade at Rs 1,38,961 per 10 grams. Domestic silver prices witnessed an even sharper contraction, with December silver futures sliding 2.3% to Rs 1,79,556 per kilogram.
International Benchmarks Under Pressure
The decline in Indian futures mirrored broader losses across international commodity exchanges. Global spot gold fell 0.5% to USD 3,926.52 per ounce, while US gold futures for December delivery dipped 0.8% to USD 3,936.30 per ounce.
Precious metals faced headwinds as easing crude oil pressures dampened immediate inflation worries. In energy markets, Brent crude futures hovered between USD 104.9 and USD 109.2 per barrel, while US West Texas Intermediate (WTI) crude traded near USD 96.79 per barrel. Other precious metals followed the broader decline: international spot silver dropped 1.8% to USD 49.71 per ounce, platinum eased 0.2% to USD 1,446.80, and palladium slipped 1.4% to USD 953.64.
Domestic Spot Rates Across Major Cities
While futures contracts experienced downward pressure, spot gold prices across major Indian bullion hubs remained resilient, showing minor intraday increases over previous settlement levels. Standard 24-karat gold edged higher by Rs 27 to Rs 1,39,640 per 10 grams, while 22-karat retail gold moved up by Rs 25 to Rs 1,28,000 per 10 grams.
Physical 24K Spot Prices in Key Metros:
- Mumbai: Rs 1,39,640 per 10 grams
- Delhi: Rs 1,39,790 per 10 grams
- Kolkata: Rs 1,39,640 per 10 grams
- Chennai: Rs 1,39,640 per 10 grams
Technical Outlook and Triggers for Indian Investors
From a technical perspective, international spot gold (XAU/USD) is exhibiting a near-term bearish bias as it trades below its 20-day Exponential Moving Average (EMA) of approximately USD 4,064. The daily Relative Strength Index (RSI) stood at 36, indicating that the contract is hovering just above oversold levels and downside momentum could slow. Analysts note that a decisive daily close above USD 4,064 will be necessary to invalidate the current negative setup.
For Indian market participants, the intersection of moderating oil prices and high bullion valuations is cooling immediate safe-haven premia. With inflation worries partially checked by stabilizing energy markets, domestic investors and retail buyers are likely to look for firm support levels before deploying fresh capital into gold contracts.
