Gold, silver see sharp correction, crude surges in Samvat 2082

Commodity markets experienced sharp swings in Samvat 2082, with Brent crude surging 60.4 per cent to $97.7 a barrel, driven by the US-Iran conflict, as per rediff.com. International gold and silver declined 6.6 per cent and 0.8 per cent in dollar terms, but Indian investors saw gains of 10.8 per cent (to about Rs 1.4 lakh per 10 grams) and 12.2 per cent (to about Rs 1.82 lakh per kg) respectively, supported by rupee depreciation and import duties.

In contrast, orissapost.com reported gold recorded its strongest weekly gain since August with a nearly 4.5 per cent surge, while crude suffered its steepest weekly decline since April 2020, with WTI retreating to around $90 and Brent easing to $97 to $98, both posting weekly declines of over 12 per cent. MCX gold futures stood at Rs 1,42,364 and silver at Rs 1,84,977 per kg on Friday, 6 November.

The October US employment report showed nonfarm payrolls rising by 165,000 against expectations of 65,000, pushing the implied probability of a December rate hike to around 81 per cent, orissapost.com noted. Lower international gold prices attracted physical buying in India ahead of Diwali, but expectations of further Fed tightening continued to limit bullion's recovery.

Update, 7 November 2026: Livemint.com now reports domestic gold prices have corrected 21 per cent from their record high of Rs 1,80,779 per 10 grams to around Rs 1,42,364. The outlet notes Motilal Oswal's analysis that the US midterm elections could add volatility, and that a divided Congress may increase policy uncertainty. This adds a longer-term investment perspective to the existing weekly and Samvat-level data.