Gold, silver rebound: US election impact, India's demand and buying trends explained - CNBC TV18

AI desk brief

Article summary

In its November 4, 2026 report, the article records COMEX gold futures up 0.58% at $3,963.20/oz and silver futures up 0.48% at $49.990; spot gold rose 0.2% to $3,934.75, while spot silver fell 0.2% to $49.67. It cites CME FedWatch pricing a 78% probability of a December rate hike, alongside election results, forthcoming US data and geopolitical negotiations as market drivers. The WGC expects India's 2026 gold demand to reach a six-year low, although SafeGold CEO Gaurav Mathur says platform purchases ahead of Dhanteras were 1.5–2 times normal levels and more than 100,000 customers had opted to lease gold. Industry executives describe smaller, regular digital purchases; STOEX's CEO cautions that physical backing, insurance, independent audits and ownership transparency require verification.

Market implications · analysis

The reported rate-hike expectations could constrain gold over the next policy-data cycle if they translate into higher expected real yields; nominal policy expectations alone do not establish that outcome. Weaker aggregate Indian demand could soften physical buying, while SafeGold's company-specific activity does not establish an offsetting national flow. Evidence supports mixed near-term bullion direction, with limited confidence in magnitude because aggregate digital holdings, net purchases and real-yield changes are not supplied.