Jewellery stocks rallied on Thursday, November 5, as gold prices climbed nearly 2% to a two-week high, supported by a weaker US dollar and declining US Treasury yields following a Democratic wave in the US midterm elections. Broader gains across Dalal Street, a sharp decline in crude oil prices and renewed foreign investor buying further lifted investor sentiment.
Motisons Jewellers shares surged 3.9% to ₹15.55, while Senco Gold gained 3.7% to ₹322.65. PC Jeweller advanced 3.2% to an intraday high of ₹16.32, while Kalyan Jewellers rose 2.7% to ₹544.70. Titan shares gained 2.3% to ₹4,858.90.
Among smaller jewellery-related stocks, Swarnsarita Jewels India traded at ₹40.80, up 3.3%, while Omara Ventures India was trading at ₹327, up 2.5%. Nityas Gems and Jewels gained 2.5% to ₹65.50, while Dev Labtech Ventures advanced 2.2% to ₹23.40.
Meanwhile, Indian stock markets also soared around 2% after Trump’s loss as well as a crash in crude oil prices. Sensex surged 2%, or 1,621 points, to an intraday high of 78,922.44, while the Nifty 50 advanced 431 points, or 1.8%, to touch 24,391.95.
Gold prices today: MCX gold jumps ₹2,875, silver gains over ₹3,200
Gold prices climbed nearly 2% globally to a two-week high on Thursday, supported by a weaker US dollar and lower US Treasury yields following the US midterm election results.
On the Multi Commodity Exchange (MCX), gold was trading at ₹1,46,109 per 10 grams, registering an intraday gain of 2%, or ₹2,875. Silver prices rose 1.7%, or over ₹3,200 per kg, to ₹1,90,946. However, both precious metals remained significantly below their respective peaks of ₹1,80,779 per 10 grams and ₹4,20,048 per kg.
Globally, spot gold rose 1.9% to $4,134.83 per ounce by 0316 GMT, hitting its highest level since October 22. Bullion had climbed around 3.4% on Wednesday, marking its biggest single-day gain since August 19. US gold futures for December delivery advanced 1.8% to $4,144.20.
The dollar edged lower on Thursday following the Democrats’ overwhelming victory in the US midterm elections, which removed a major source of uncertainty and fuelled a rally in global equities. A weaker dollar makes greenback-priced bullion more affordable for holders of other currencies.
The yield on benchmark 10-year US Treasuries declined 6 basis points overnight and fell by another basis point in early Tokyo trade to 4.87%. Market participants are now awaiting the US nonfarm payrolls report on Friday for further clues on the Federal Reserve’s monetary policy outlook.
Moreover, Democrats secured control of both chambers of the US Congress in the 2026 midterm elections, marking a significant setback for President Donald Trump and the Republican Party. The outcome will result in a divided government during the final two years of Trump’s presidency, ending two years of unified Republican control.
Meanwhile, Brent crude prices declined sharply below $100 per barrel and were trading at $94 per barrel at the time of reporting. Foreign investors also infused around ₹17,235 crore into Indian equities in just three trading sessions in November, reflecting a return of overseas institutional buying.
Should you buy gold, silver or wait for dip?
According to Vikram Subburaj, CEO, Giottus.com, the recent gold rally reflects renewed demand for precious metals after US midterm election results weighed on the dollar. Lower Treasury yields also make non-yielding assets such as gold more attractive.
However, the recovery may not be straightforward. Markets continue to price in a high probability of a Federal Reserve rate increase in December. Expectations of tighter monetary policy can support the dollar and yields, limiting the upside for gold and silver, added the expert.
“For Indian investors, currency movements will remain important alongside international prices. A weaker rupee can amplify gains in domestic bullion, while a stronger rupee may soften the impact of a global rally. Silver may also see larger price swings than gold because of its industrial demand and relatively higher volatility.
The immediate trend is constructive, but investors should avoid chasing sharp moves. Watch the dollar, US yields and employment data for confirmation. Staggered buying and disciplined position sizing may help manage volatility.,” he suggested.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
