Gold and silver prices fell in Kolkata on Nov. 3, giving jewellery buyers in the city a lower entry point just days before Dhanteras and Diwali, even as the pullback tracks a broader slide in domestic and global bullion.
Gold and silver fall in Kolkata before Dhanteras
The 24-karat gold rate in Kolkata dropped 1% to ₹1,38,830 per 10 grams, or ₹1,400 lower than the prior level, while 999 fine silver fell 2.64% to ₹1,78,710 per kg, down ₹4,850, according to Bullion.com. The decline matters because the festival period typically drives one of the year’s strongest bursts of physical demand, and even a small reset in prices can alter buying decisions for households and jewellers.
Sentiment Indicators
The weakness was not limited to Kolkata. On the Multi Commodity Exchange, gold futures eased 0.97% to ₹1,38,820 per 10 grams and silver futures dropped 2.76% to ₹1,78,700 per kg. Overseas, Comex gold fell 1.07% to $3,927.30 an ounce and silver slid 3.09% to $49.32, underscoring that the move is being driven by wider pressure in precious metals rather than a local pricing quirk.
For investors, the retreat has two layers. For jewellery demand, the fall into Dhanteras may encourage advance bookings and fresh purchases, especially after a sharp run-up in bullion prices this year. For traders and holders of gold-linked assets, the latest pullback comes with technical weakness too: GLD closed at $359.26 on Nov. 3, below its 50-day moving average of $387.99 and its 200-day moving average of $412.3, while SLV ended at $44.84, also below both long-term averages.
The move also fits with signs of stress in precious-metals positioning. Adalytica’s Gold Fear & Greed Index showed “Extreme Fear” at 14 for Nov. 4, while the U.S. dollar signals remained in “Extreme Fear” at 10, reflecting a volatile setup that can amplify swings in gold and silver prices. With Dhanteras on Nov. 6 and Diwali on Nov. 8, the next catalyst is whether festival buying absorbs the selloff or whether bullion stays under pressure into the holiday rush.
| Entity | Gains | Losses |
|---|---|---|
| Kolkata jewellery buyers | ▲Lower festive entry prices | ▼Less chance to lock in earlier gains |
| Gold and silver sellers | ▲Inventory turnover if demand rises | ▼Softer pricing and thinner margins |
| Bullion traders | ▲Volatility opportunities | ▼Directional longs facing pullback |
| Festival buyers waiting for Dhanteras | ▲Better purchase timing | ▼Risk of rebound before Diwali |
